纳税人不应该承担债券持有人的所有损失——毕竟,投资者承担风险(如果风险不够高)来获取更高的收益。
Taxpayers should not bear the whole cost of bondholders' losses-after all, investors received higher returns for their risk-taking (if not high enough).
不过,债务重组几乎不可不免——债券持有人将必须承担高额损失。
But it almost certainly has to happen — and bondholders will need to take a substantial loss.
Hall和Sargent的计算显示,几乎所有的通胀税都由那些持有5年或更长到期期限债券的人承担。
The Hall-Sargent calculations show that almost all of this inflation tax was borne by those who held bonds with a maturity of five years or more.
Suppose you step out in the risk spectrum and put a dollar into the bond market.
假设你愿承担更多风险,将一美元投资于债券市场
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