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| Author: | Campbell, J.Y. Viceira, L.M. |
| Title: | Who should buy long-term bonds? |
| Journal: | American Economic Review
2001 : MAR, VOL. 91:1 p. 99-127 |
| Index terms: | FINANCIAL RISK PORTFOLIO MANAGEMENT |
| Freeterms: | LONG-TERM BONDS |
| Language: | eng |
| Abstract: | According to conventional wisdom, long-term bonds are appropriate for conservative long-term investors. This paper develops a model of optimal consumption and portfolio choice for infinite-lived investors with recursive utility who face stochastic interest rates, solves the model using an approximate analytical method, and evaluates conventional wisdom. |
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