The Zero-Beta Interest Rate

We would like to thank Marianne Andries, Adrien Auclert, Jonathan Berk, John Cochrane, Darrell Duffie, Lars Hansen, Benjamin Holcblat, Arvind Krishnamurthy, Eben Lazarus, Mortiz Lenel, Martin Lettau, Hanno Lustig, Thomas Mertens, Monika Piazzesi, Mikkel Plagborg-Møller, Shri Santosh, Martin Schneider, Ken Singleton, David Sraer, Chris Tonetti, and Motohiro Yogo for helpful comments, as well as seminar and conference participants. We would particularly like to thank Rohan Kekre for an excellent discussion of our paper. We would also like to thank Paul Delatte for his research assistance. An earlier version of this paper circulated as “The Zero-Beta Rate.” The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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