Inflation Risk Premium
基于消费模型，发现通胀风险溢价在通胀与增长负相关时较高；用两种指标测算，近年美国通胀风险溢价较小，且两指标正相关。
A simple consumption-based model implies that the inflation risk premium should be high when inflation and growth are more negatively correlated, and vice versa. The authors calculate two measures of inflation risk premium: One is the difference between breakeven inflation and survey-based inflation expectations, and the other is the correlation between survey-based growth and inflation forecasts. They show that both measures imply a small inflation risk premium in recent years. Furthermore, the two measures tend to be positively correlated with each other.