Nonlinearity and Flight to Safety in the
Risk-Return Trade-Off for Stocks and Bonds

Tobias Adrian, Richard Crump, and Erik Vogt
Staff Reports, Number 723, April 2015

Author Disclosure Statements

Tobias Adrian
I am employed by the Federal Reserve Bank of New York. The views expressed in the article under submission represent the views of me and my co-authors, and do not necessarily represent the views of the Federal Reserve Bank of New York or the Federal Reserve System. I have received no financial support for the research in this article. I have not received any funding in the past ten years. I have no paid or unpaid positions as officer, director, or board member in any relevant organization. No close relative has received funding or financial support, or is an officer, director, or board member of a relevant organization. The article was vetted prior to circulation outside the Federal Reserve Bank of New York.
Tobias Adrian, New York, April 8, 2015

Richard Crump
I am employed by the Federal Reserve Bank of New York. The views expressed in the article under submission represent the views of me and my co-authors, and do not necessarily represent the views of the Federal Reserve Bank of New York or the Federal Reserve System. I have received no financial support for the research in this article. I have not received any funding in the past five years. I have no paid or unpaid positions as officer, director, or board member in any relevant organization. No close relative has received funding or financial support, or is an officer, director, or board member of a relevant organization. The article was vetted prior to circulation outside the Federal Reserve Bank of New York.
Richard Crump, New York, April 8, 2015

Erik Vogt
I am employed by the Federal Reserve Bank of New York. The views expressed in the article under submission represent the views of me and my co-authors, and do not necessarily represent the views of the Federal Reserve Bank of New York or the Federal Reserve System. I have received no financial support for the research in this article. I have not received any funding in the past ten years. I have no paid or unpaid positions as officer, director, or board member in any relevant organization. No close relative has received funding or financial support, or is an officer, director, or board member of a relevant organization. The article was vetted prior to circulation outside the Federal Reserve Bank of New York.
Erik Vogt, New York, April 8, 2015

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