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Lower borrowing costs with inflation-indexed bonds: A trading rule based assessment

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Author Info
Reschreiter, Andreas

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Abstract

A simple trading rule invests in long-term bonds or the risk-free asset based on publicly observed economic variables. The results indicate a predictable inflation risk premium for conventional bonds but no ex-ante risk compensation for indexed bonds. This suggests the government can achieve lower funding costs by issuing indexed debt.

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File URL: http://www.sciencedirect.com/science/article/B6V84-4P9SN9P-4/1/147835dcd815dfe182a6735a8efabed0
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Publisher Info
Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 99 (2008)
Issue (Month): 2 (May)
Pages: 272-274
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Handle: RePEc:eee:ecolet:v:99:y:2008:i:2:p:272-274

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Web page: http://www.elsevier.com/locate/ecolet

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