The Tail That Keeps the Riskless Rate Low
نویسندگان
چکیده
منابع مشابه
The Tail that Keeps the Riskless Rate Low
Riskless interest rates fell in the wake of the financial crisis and have remained low. We explore a simple explanation: This recession was perceived as an extremely unlikely event before 2007. Observing such an episode led all agents to re-assess macro risk, in particular, the probability of tail events. Since changes in beliefs endure long after the event itself has passed, perceived tail ris...
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ژورنال
عنوان ژورنال: NBER Macroeconomics Annual
سال: 2019
ISSN: 0889-3365,1537-2642
DOI: 10.1086/700895