Death Of The Risk-Free Rate – ValueWalk Premium
Risk-Free Rate

Death Of The Risk-Free Rate

Death Of The Risk-Free Rate by Chris Brightman, Research Affiliates

Key Points

  1. Abandoning the assumption of a positive risk-free rate alters our conceptions of money, monetary policy, and investment risk. Managing volatility, the traditional measure of risk, may now prevent us from achieving our investment objectives.
  2. Direct money creation—like dropping money from a helicopter—is the widely discussed next step in central bank monetary policy experiments. Such direct . . .

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