Indexed Bonds And Heterogeneous Agents
AbstractThe widespread belief that one can read off the public's expectations of inflation from the yield differential between indexed and conventional bonds ignores the fact that indexed bonds are held largely by those who expect the most inflation. However, holding indexed bonds as a hedge against inflation implies that such bonds have the advantage of being a relatively cheap source of funds. Copyright 1998 Western Economic Association International.
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Bibliographic InfoArticle provided by Western Economic Association International in its journal Contemporary Economic Policy.
Volume (Year): 16 (1998)
Issue (Month): 1 (01)
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- William Gissy, 1999. "Treasury bill rates and treasury cash reserves," Atlantic Economic Journal, International Atlantic Economic Society, vol. 27(4), pages 435-443, December.
- Christensen, Ian & Frédéric Dion & Christopher Reid, 2004. "Real Return Bonds, Inflation Expectations, and the Break-Even Inflation Rate," Working Papers 04-43, Bank of Canada.
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