Indexed Bonds And Heterogeneous Agents
The 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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Volume (Year): 16 (1998)
Issue (Month): 1 (01)
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