Portfolio Choice with Sustainable Spending: A Model of Reaching for Yield
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https://www.nber.org/papers/w27025
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资源简介：
We show that reaching for yield -- a tendency to take more risk when the real interest rate declines while the risk premium remains constant -- results from imposing a sustainable spending constraint on an otherwise standard infinitely lived investor with power utility. When the interest rate is
提供机构：
美国国家经济研究局
创建时间：
2020-04-01
