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The Changing Roles of Debt and Equity in Financing U.S. Capital Formation

This volume, consisting of papers presented at a conference held at Williamsburg, Va., 2-3 April 1981, is a progress report on the National Bureau of Economic Research project, The Changing Roles of Debt and Equity in Financing U.S. Capital Formation. The National Bureau has undertaken this project—including the conference, the research described in this volume, and the publication of the volume itself—with the support of the American Council of Life Insurance.

Table of Contents



Benjamin M. Friedman

1. Inflation, Resource Utilization, and Debt and Equity Returns

Patric H. Hendershott

2. Risk and Return: A New Look

Burton G. Malkiel

3. Investment Strategy in an Inflationary Environment

Zvi Bodie

4. Changing Balance Sheet Relationships in the U.S. Manufacturing Sector, 1926-77

John H. Ciccolo, Jr.

5. Private Pensions as Corporate Debt

Martin Feldstein

6. Debt and Economic Activity in the United States

Benjamin M. Friedman

List of Contributors


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