The Journal of Finance

The Journal of Finance publishes leading research across all the major fields of finance. It is one of the most widely cited journals in academic finance, and in all of economics. Each of the six issues per year reaches over 8,000 academics, finance professionals, libraries, and government and financial institutions around the world. The journal is the official publication of The American Finance Association, the premier academic organization devoted to the study and promotion of knowledge about financial economics.

AFA members can log in to view full-text articles below.

Current Issue:

Volume 79: Issue 5 (October 2024)

Top 25 Recent Articles

Top 50 Articles of All Time

View past issues

Search the Journal of Finance:






Search results: 1.

Risk‐Sharing and the Term Structure of Interest Rates

Published: 05/11/2022   |   DOI: 10.1111/jofi.13139

ANDRÉS SCHNEIDER

I propose a general equilibrium model with heterogeneous investors to explain the key properties of the U.S. real and nominal term structure of interest rates. I find that differences in investors' elasticities of intertemporal substitution are critical in accounting for the dynamics of nominal and real yields. The nominal term structure is driven primarily by real shocks so that it can be upward sloping regardless of the correlation between nominal and real shocks.

  View PDF     Read article online