dynamics and time-varying risk premia on bonds and stocks. Consumers' first-order condition for the real risk-free interest …. Estimating the model separately for 1979-2001 and 2001-2011 explains why the exposure of US Treasury bonds to the stock market …

in that added government bonds have no effect on rates of return and the net quantity of safe assets. Surprisingly, the … crowding-out coefficient for private bonds with respect to public bonds is not 0 or -1 but around -0.5, a value found in some …

reflected systematically in the price of gold and, hence, that gold price movements, under the maintained hypothesis, should … of gold prices on exchange rates conditional on other monetary and real macroeconomic variables, and applies the …

The gold standard was a key factor behind the Great Depression, but why did it produce such an intense worldwide … initiated the downturn, France increased its share of world gold reserves from 7 percent to 27 percent between 1927 and 1932 and … effectively sterilized most of this accumulation. This "gold hoarding" created an artificial shortage of reserves and put other …

We describe in this essay why the gold standard and the euro are extreme forms of fixed exchange rates, and how these …

Colonial Americans complained that gold and silver coins (specie) were chronically scarce. These coins could be …

and other shocks impinge directly on consumption and GDP but not on stocks of gold. With a high elasticity of substitution … appreciation. Nevertheless, the uncertainty in gold returns is concentrated in the price-change component. The model can explain …From 1836 to 2011, the average real rate of price change for gold in the United States is 1.1% per year and the …

. We critically examine popular stories such as 'gold is an inflation hedge'. We show that gold may be an effective hedge … hedge. We also explore valuation. The real price of gold is currently high compared to history. In the past, when the real …While gold objects have existed for thousands of years, gold's role in diversified portfolios is not well understood …

known price and one asset, gold, with a random rice in terms of the numeraire. Under these assumptions, it is found that the … portfolio in U.S. dollars. Because of the covariance of exchange rates and gold, the exclusion of the latter generates …