Though bonds are hardly a perfect hedge against such risks, they typically beat stocks (except, perhaps, in cases of global conflagration, when both fare badly). In recent work with Carmen and Vincent Reinhart, we show that even relatively minor shifts in disaster risk – say, a rise from a normal 2-3% to 3-4% – can lead to a massive decline in global real interest rates, even taking them well into negative territory.
虽然债券很难对这种风险进行完美对冲，但它们的作用通常要好于股票（除非发生波及全球的灾难，两者的回报率都出现问题）。在与卡门和文森特·莱因哈特的近期合作中，我们成功证明即使灾害风险发生相对微小的变化——比方说从正常的2-3%攀升至3-4%——也可能导致全球实际利率大幅下降，甚至将全球带入负利率领域。就算预期增长强劲这样的可能性也无法排除。