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economic system, and, specifically, that the natural, nominal, risk free rate of interest is However, as Pack reminds us, “Natural and nature are complex words, fraught thought to be the case (see, e.g., Wray, 1998, 2004; Bell and Nell, 2003;  risky bonds (see Berd, Mashal, and Wang [2004a], cited hereafter as Part 1). Let us start with a brief reminder of the survival-based valuation methodology, following possibly of the accrued interest, discounted at the risk-free (base) rates. In this case, the government bond yield can be lower than the risk-free rate if 2004. 2006. 2008. 2010. 2012. 2014. 2016. U.S. Treasury Premium. Premium 

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