Bond Portfolio Immunization, Inflation, and the Fisher Equation
研究了未来负债受通胀影响时，债券组合免疫的概念是否适用，指出狭义免疫可能不适合许多金融机构，并提出了更一般的免疫条件。
Presently a number of institutional bond funds are immunizing a portion of their portfolio. This article examines the concept of immunization when future liabilities are subject to inflation. It shows that with inflation, immunization in the narrow sense may be inappropriate for many financial institutions. Finally, the article introduces more general conditions for portfolio immunization.