The Tail that Keeps the Riskless Rate Low
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Riskless interest rates fell in the wake of the financial crisis and have remained low. We explore a simple explanation: This recession was perceived as an extremely unlikely event before 2007. Observing such an episode led all agents to re-assess macro risk, in particular, the probability of tail
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美国国家经济研究局创建时间：
2018-02-01
