Debt as Safe Asset
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https://www.nber.org/papers/w29626
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The price of a safe asset reflects not only the expected discounted future cash flows but also future service flows, since retrading allows partial insurance of idiosyncratic risk in an incomplete markets setting. This lowers the issuers interest burden. As idiosyncratic risk rises during recessions
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美国国家经济研究局创建时间：
2022-01-01
