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Term structures of asset prices and returns
We explore the term structures of claims to a variety of cash flows: U.S. government bonds (claims to dollars), foreign government bonds (claims to foreign currency), inflation-adjusted bonds (claims to the price index), and equity (claims to future equity indexes or dividends). Average term structures reflect the dynamics of the dollar pricing kernel, of cash flow growth, and of their interaction. We use simple models to illustrate how relationships between the two components can deliver term structures with a wide range of levels and shapes.
The Pandemic's Impact on Municipal Bonds
Higher state and local expenditures related to COVID-19, a delayed tax-filing deadline and a lack of liquidity roiled the muni bond market in the early months of the pandemic.