The Term Structure of Interest Rates in a Pure Exchange Economy with Heterogeneous Investors
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This paper presents an equilibrium model of the term structure of interest rates when investors have heterogeneous preferences. The basic model considers a pure exchange economy of two classes of investors with different (but constant) relative risk-aversion and gives closed-form solutions to bond
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美国国家经济研究局创建时间：
1995-07-01
