MARC Record from Library of Congress

LEADER: 02162nam a22003017a 4500
001 2009655954
003 DLC
005 20090618144817.0
007 cr |||||||||||
008 090604s2009 mau sb 000 0 eng
010 $a 2009655954
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aCampbell, John Y.
245 10 $aUnderstanding inflation-indexed bond markets$h[electronic resource] /$cJohn Y. Campbell, Robert J. Shiller, Luis M. Viceira.
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2009.
490 1 $aNBER working paper series ;$vworking paper 15014
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 6/4/2009.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"This paper explores the history of inflation-indexed bond markets in the US and the UK. It documents a massive decline in long-term real interest rates from the 1990's until 2008, followed by a sudden spike in these rates during the financial crisis of 2008. Breakeven inflation rates, calculated from inflation- indexed and nominal government bond yields, stabilized until the fall of 2008, when they showed dramatic declines. The paper asks to what extent short-term real interest rates, bond risks, and liquidity explain the trends before 2008 and the unusual developments in the fall of 2008. Low inflation-indexed yields and high short-term volatility of inflation-indexed bond returns do not invalidate the basic case for these bonds, that they provide a safe asset for long-term investors. Governments should expect inflation-indexed bonds to be a relatively cheap form of debt financing going forward, even though they have offered high returns over the past decade"--National Bureau of Economic Research web site.
700 1 $aShiller, Robert J.
700 1 $aViceira, Luis M.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 15014.
856 40 $uhttp://papers.nber.org/papers/w15014