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Optimal Management of Indexed and Nominal Debt
Barro, Robert J. - 1997
A tax-smoothing objective is used to assess the optimal consumption of public debt with respect to maturity and contingencies. This objective motivates the government to make its debt payout contingent on the levels of public outlay and the tax base. If these contingencies are present, but asset...
Persistent link: https://www.econbiz.de/10012472617
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Inflation, Real Interest Rates, and the Bond Market : A Study of UK Nominal and Index-Linked Government Bond Prices
Barr, David G. - 1996
This paper estimates expected future real interest rates and inflation rates from observed prices of UK government nominal and index-linked bonds. The estimation method takes account of imperfections in the indexation of UK index-linked bonds. It assumes that expected log returns on all bonds...
Persistent link: https://www.econbiz.de/10012473007
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Inflation, Index-Linked Bonds, and Asset Allocation
Bodie, Zvi - 1988
The recent introduction of CPI-linked bonds by several financial institutions is a milestone in the history of the U.S. financial system. It has potentially far-reaching effects on individual and institutional asset allocation decisions because these securities represent the only true long-run...
Persistent link: https://www.econbiz.de/10012476264
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Index Funds and Stock Market Growth
Goetzmann, William N. - 1999
In the present paper we analyze the relationship between index funds and asset prices. In particular, our analysis of daily index fund flows indicates a strong contemporaneous correlation between fund inflows and S&P market returns. We also document a strong negative correlation between fund out...
Persistent link: https://www.econbiz.de/10012471767
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The Role of Real Annuities and Indexed Bonds in an Individual Accounts Retirement Program
Brown, Jeffrey R. - 1999
We explore four issues concerning annuitization options that retirees might use in the decumulation phase of an individual accounts' retirement saving system. First, we investigate the operation of both real and nominal annuity individual annuity markets in the United Kingdom. The widespread...
Persistent link: https://www.econbiz.de/10012471795
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Welfare Aspects of Government Issue of Indexed Bonds
Fischer, Stanley - 1982
Government issue of bonds indexed to the price level has long been recommended by economists, to no observed effect. Recently skepticism has been expressed about the real effects of such government action, or indeed of any government financial intermediation. This paper examines two main...
Persistent link: https://www.econbiz.de/10012478237
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Corporate Supply of Index Bonds
Fischer, Stanley - 1979
This paper develops a simple theory of the supply of index bonds by a firm, and uses that model to examine in some … theory involve the trade-off between the tax advantages of using debt finance and the increasing risk of bankruptcy debt … finance involves. The theory is first used to examine the supply of nominal bonds -- it is thus a theory of the debt …
Persistent link: https://www.econbiz.de/10012478818
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On the Economic Consequences of Index-Linked Investing
Wurgler, Jeffrey - 2010
Trillions of dollars are invested through index funds, exchange-traded funds, and other index derivatives. The benefits of index-linked investing are well-known, but the possible broader economic consequences are unstudied. I review research which suggests that index-linked investing is...
Persistent link: https://www.econbiz.de/10012462280
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Why Does the Treasury Issue Tips? The Tips-Treasury Bond Puzzle
Fleckenstein, Matthias - 2010
puzzle to classical asset pricing theory. In addition, they raise the issue of why the Treasury issues TIPS, since in so …
Persistent link: https://www.econbiz.de/10012462298
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The Invention of Inflation-Indexed Bonds in Early America
Shiller, Robert J. - 2003
century. In 1780, the bonds were viewed as at best only an irregular expedient, since there was no formulated economic theory …
Persistent link: https://www.econbiz.de/10012468511