I propose a general equilibrium model with heterogeneous investors to explain the key properties of the U.S. real and nominal term structure of interest rates. I find that differences in investors' elasticities of intertemporal substitution are critical in accounting for the dynamics of nominal and real yields. The nominal term structure is driven primarily by real shocks so that it can be upward sloping regardless of the correlation between nominal and real shocks.

中文翻译：

---

风险分担和利率期限结构

我提出了一个具有异质投资者的一般均衡模型来解释美国实际和名义利率期限结构的关键特性。我发现投资者跨期替代弹性的差异对于解释名义收益率和实际收益率的动态至关重要。名义期限结构主要由实际冲击驱动，因此无论名义冲击和实际冲击之间的相关性如何，它都可以向上倾斜。