The Case of the Negative Nominal Interest Rates: New Estimates of the Term Structure of Interest Rates During the Great Depression
收藏NBER1987-12-01 更新2025-01-04 收录
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https://www.nber.org/papers/w2472
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资源简介：
During the 1930s and early 1940s U.S. Treasury bonds and notes had negative nominal yields as they approached maturity. But since an investor can always hold cash, this is impossible. Any bond must have a positive nominal yield. This paper poses a resolution to this puzzle: in addition to making
提供机构：
美国国家经济研究局
创建时间：
1987-12-01
