Assigning a Duration to Inflation-Protected Bonds
指出使用有效久期评估美国通胀保护债券（TIPS）会阻碍实现利率或通胀预期交易目标，并推荐替代久期策略，对主动管理名义基准组合的经理有用。
In evaluating U.S. Treasury inflation-protected securities (TIPS) for fixed-income portfolios, managers frequently use the TIPS' effective durations, which are much shorter than modified durations. Unfortunately, when the manager's intention is to profit from a decrease in real rates or an increase in the market's implied inflation forecast, the use of effective durations will thwart obtaining the objective. We discuss this unfortunate effect and recommend alternative duration strategies when TIPS are to be used in an actively managed portfolio with a nominal benchmark.