Fed's Kohn on asset-pricing puzzles, credit risk

In the speech 'Asset-pricing puzzles, credit risk, and credit derivatives' given on 22 March Donald Kohn of the Federal Reserve said credit derivatives may reduce long-run risk premiums for stocks and bonds by helping markets share risks more evenly.

Kohn said credit derivatives allow market participants to share, understand, and manage risks.

The Fed and its research staff pay considerable attention to asset prices to help understand expectations about the future and find clues about the pace of

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