The Effect of Risk on Interest Rates: A Synthesis of the Macroeconomic and Financial Views
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This paper analyzes the effects of real income and price level uncertainty on equilibrium interest rates. It is demonstrated that even if there are no outside nominal assets, the interest rate on nominal bonds contains a risk premium, or as the case may be, a risk discount. The sign, and the
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美国国家经济研究局创建时间：
1981-03-01
