surpluses. In the data, adjustments to convenience yields explain a larger fraction of the variation in Eurozone bond yields …-section and in the time series. These findings imply large fiscal costs especially on the peripheral countries. If all Eurozone … billion euros in cumulative revenues from bond issuance between 2003 and 2020, representing 2.6% of 2020 Eurozone GDP …

We analyze the impact of Eurozone/Germany and U.S. macroeconomic news announcements and the communication of the …

We analyze the impact of Eurozone/Germany and U.S. macroeconomic news announcements and the communication of the …

, but their impact on yields depends on the prevailing macroeconomic context. When investors regard inflation as the most … credible in-built mechanism to control inflation. However, once default is seen as the most relevant risk, exchange rate … 2000s, inflation was penalized under floating and (to a lesser extent) fixed exchange rate regimes, but not in countries in …

publication of news concerning future interest rates or inflation figures moves bond and stock prices in the same direction. …