The Effect of Shifting Wealth Ownership on the Term Structure of Interest Rates: The Case of Pensions
研究美国财富从个人向养老金基金转移如何影响利率期限结构，模拟表明这种转移会显著改变长期债券收益率。
Substantial shifts in wealth ownership from individuals to pension funds are currently taking place in the United States and also are in prospect for the foreseeable future. Moreover, pension funds typically exhibit portfolio preferences that are markedly different from those of individuals. In a world of heterogeneous investors, redistributions among wealth holders with different portfolio preferences will in general alter the structure of asset yields. Partial-equilibrium simulation experiments based on a model of the U. S. long-term bond market indicate that redistributions of saving flows from individuals to pension funds, in plausible magnitudes, can have major effects on the term structure of interest rates.