Why Don't the Prices of Stocks and Bonds Move Together?
用一个简单的一般均衡模型，探讨了风险增加和生产率增长放缓如何解释1970年代债券与股票价格的背离行为，对理解资产定价和宏观经济关系有参考价值。
The 1970s were associated with very low real interest rates and a large drop in equity values relative to dividends and earnings. This paper explores the possible roles of increased risk and reduced productivity growth in accounting for the behavior of bond and stock prices in a simple general equilibrium model. Both disturbances unambiguously lower the riskless interest rate, but may cause the stock market to respond perversely depending on the degree of aversion to intertemporal substitution and the share of the corporate sector in total wealth. Copyright 1989 by American Economic Association.