| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w1141 |
| 来源ID | Working Paper 1141 |
| Why Are Real Interest Rates So High? | |
| Zvi Bodie; Alex Kane; Robert L. McDonald | |
| 发表日期 | 1983-06-01 |
| 出版年 | 1983 |
| 语种 | 英语 |
| 摘要 | This paper applies the Capital Asset Pricing Model to help explain the anomalous behavior of real interest rates during the last several years. Specifically,we are able to show that the increased volatility of bond prices since the change in Federal Reserve operating procedure in October 1979 has substantially increased the required real risk premium on long term bonds. We also consider and reject the possibility that increased risk alone accounts for the recent increase in the short-term real rate. Finally, we use the model to simulate the financial effects of a Federal debt maturity management operation. |
| URL | https://www.nber.org/papers/w1141 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/558363 |
| 推荐引用方式 GB/T 7714 | Zvi Bodie,Alex Kane,Robert L. McDonald. Why Are Real Interest Rates So High?. 1983. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w1141.pdf（363KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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