The world's first known inflation-indexed bonds were issued by the Commonwealth of Massachusetts in 1780 during the … Revolutionary War. These bonds were invented to deal with severe wartime inflation and with angry discontent among soldiers in the U ….S. Army with the decline in purchasing power of their pay. Although the bonds were successful, the concept of indexed bonds …

when the investor has access to nominal bonds and a stock portfolio. In the presence of unhedgeable inflation risk, there … changes in term premia generates large hedging demands for long-term bonds …

We study green bonds, which are bonds whose proceeds are used for environmentally sensitive purposes. After an overview … of the U.S. corporate and municipal green bonds markets, we study pricing and ownership patterns using a simple framework … that incorporates assets with nonpecuniary utility. As predicted, we find that green municipal bonds are issued at a …