Inflation, Asset Prices, and the Term Structure of Interest Rates in Monetary Economics
构建了一个易处理的货币资产定价模型，同时确定物价水平、通胀、资产价格及实际与名义利率，并揭示实际与名义期限结构可能受不同风险因素影响。
This article offers a tractable monetary asset pricing model. In monetary economies, the price level, inflation, asset prices, and the real and nominal interest rates have to be determined simultaneously and in relation to each other. This link allows us to relate in closed form each of the dependent entities to the underlying real and monetary variables. Among other features of such economies, inflation can be partially nonmonetary and the real and nominal term structures can depend on fundamentally different risk factors. In one extreme, the process followed by the real term structure is independent of that followed by its nominal counterpart.