Long-term Yields Implied by Stochastic Discount Factor Decompositions
نویسندگان
چکیده
منابع مشابه
The Long-Term Discount Rate∗
We develop an expression for the long-term discount rate in an economy in which a representative consumer has access to both a risk-free and a risky production technology. Even when the risk-free sector is very small, and with probability one becomes a negligible fraction of the economy in the long run, interest rates are determined differently than in a single-sector economy. As in a single-ri...
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متن کاملDiscount rates for long - term projects
General rights Copyright for the publications made accessible via the Edinburgh Research Explorer is retained by the author(s) and / or other copyright owners and it is a condition of accessing these publications that users recognise and abide by the legal requirements associated with these rights. Take down policy The University of Edinburgh has made every reasonable effort to ensure that Edin...
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ژورنال
عنوان ژورنال: Brazilian Review of Econometrics
سال: 2019
ISSN: 1980-2447
DOI: 10.12660/bre.v39n12019.76365