Low Risk-Free Rates and Intertemporal Arbitrage
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https://www.nber.org/papers/w31832
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资源简介：
Is deficit finance free when real borrowing rates are routinely lower than growth rates? We study this question in a production-based asset-pricing model that features heterogeneous trading technologies as well as idiosyncratic and aggregate risk and can match the observed low average risk-free rate
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美国国家经济研究局创建时间：
2023-11-01
