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Article: Inflation, Asset Prices, and the Term Structure of Interest Rates in Monetary Economies
Title | Inflation, Asset Prices, and the Term Structure of Interest Rates in Monetary Economies |
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Authors | |
Issue Date | 1996 |
Citation | Review of Financial Studies, 1996, v. 9, n. 1, p. 241-275 How to Cite? |
Abstract | This article offers a tractable monetary asset pricing model. In monetary economies, the price level, inflation, asset prices, and the real and nominal interest rates bave to be determined simultaneously and in relation to each other. This link allows us to relate in closed form each of the dependent entities to the underlying real and monetary variables. Among other features of such economies, inflation can be partially nonmonetary and the real and nominal term structures can depend on fundamentally different risk factors. In one extreme, the process followed by the real term structure is independent of that followed by its nominal counterpart. |
Persistent Identifier | http://hdl.handle.net/10722/212679 |
ISSN | 2023 Impact Factor: 6.8 2023 SCImago Journal Rankings: 17.654 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Bakshi, Gurdip S. | - |
dc.contributor.author | Chen, Zhiwu | - |
dc.date.accessioned | 2015-07-28T04:04:40Z | - |
dc.date.available | 2015-07-28T04:04:40Z | - |
dc.date.issued | 1996 | - |
dc.identifier.citation | Review of Financial Studies, 1996, v. 9, n. 1, p. 241-275 | - |
dc.identifier.issn | 0893-9454 | - |
dc.identifier.uri | http://hdl.handle.net/10722/212679 | - |
dc.description.abstract | This article offers a tractable monetary asset pricing model. In monetary economies, the price level, inflation, asset prices, and the real and nominal interest rates bave to be determined simultaneously and in relation to each other. This link allows us to relate in closed form each of the dependent entities to the underlying real and monetary variables. Among other features of such economies, inflation can be partially nonmonetary and the real and nominal term structures can depend on fundamentally different risk factors. In one extreme, the process followed by the real term structure is independent of that followed by its nominal counterpart. | - |
dc.language | eng | - |
dc.relation.ispartof | Review of Financial Studies | - |
dc.title | Inflation, Asset Prices, and the Term Structure of Interest Rates in Monetary Economies | - |
dc.type | Article | - |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.scopus | eid_2-s2.0-0030534914 | - |
dc.identifier.volume | 9 | - |
dc.identifier.issue | 1 | - |
dc.identifier.spage | 241 | - |
dc.identifier.epage | 275 | - |
dc.identifier.isi | WOS:A1996UG16900008 | - |
dc.identifier.issnl | 0893-9454 | - |