Consequences of Debt Policy in a Stochastically Growing Monetary Economy
研究随机增长经济中公开市场操作及长短期债券融资对金融市场风险的影响，发现短期债券增加会提高长期债券风险与回报，而公开市场购买债券则降低长期债券风险与回报。
The effects of open market operations and long versus short bond financing on risk in financial markets in a stochastically growing economy are studied. An increase in short bonds, resulting from exchanging long bonds, increases the riskiness of long bonds and raises their real rate of return. An open market purchase of either long or short bonds raises the price of long bonds and lowers their risk and real return.