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- Title
Inflation and Real Interest Rates on Assets with Different Risk Characteristics.
- Authors
HUIZINGA, JOHN; MISHKIN, FREDERIC S.
- Abstract
Given the importance of ex ante real interest rates to economic decision making, it is no surprise that much empirical research focuses on them.1 Several recent studies find that the ex ante real returns for short-term U.S. Treasury securities are not constant and are negatively correlated both with inflation and with nominal interest rates. This paper examines the extent to which these findings hold for assets of longer maturity, are robust with respect to the choice of price index, and are stable over time.
- Subjects
UNITED States; ASSETS (Accounting); INTEREST rates; CONSUMER price indexes; PRICE inflation; ECONOMIC indicators; RISK; PRICE inflation &; government securities; INTEREST rate risk; EFFECT of inflation on interest rates; ECONOMIC forecasting; ECONOMICS
- Publication
Journal of Finance (Wiley-Blackwell), 1984, Vol 39, Issue 3, p699
- ISSN
0022-1082
- Publication type
Article
- DOI
10.1111/j.1540-6261.1984.tb03659.x