03 - John Cochrane on Finance, the Fiscal Theory of the Price Level, and Blogging
Macro Musings with David Beckworth
00:00
The Demand for Government Bonds
The risk premium is actually quite low right now in the sense that stock prices relative to dividends are quite high. But people are also buying a whole lot of government bonds, which some observers call this deceiving glut. The problem is that government debt doesn't look objectively. It doesn't look like that great a long term investment.
Transcript
Play full episode
