This year's Nomura Lecture will be given by John Campbell, Harvard College Professor, Harvard University, on Thursday 20th May, 2010. The lecture will begin at 5pm (with refreshments before hand at 4.30pm) and the venue is The Nelson Mandela Lecture Theatre, Said Business School.
All are welcome.
Title: The Changing Risks of Government Bonds
Abstract: The covariance between nominal bonds and stocks has varied considerably over recent decades and has even switched sign. It has been predominantly positive in periods such as the late 1970s and early 1980s when the economy has experienced supply shocks and the central bank has lacked credibility. It has been predominantly negative in periods such as the 2000s when investors have feared weak aggregate demand and deflation. This lecture discusses the implications of changing bond risk for the shape of the yield curve, the risk premia on bonds, and the relative pricing of nominal and inflation-indexed bonds.