This paper examines the macro-spanning hypothesis for bond returns in international markets. Based on a large panel of real-time macro variables that are not subject to revisions, wefind that global macro factors have predictive power for bond returns unspanned by yield factors.Furthermore, we...

Global scientific assessments increasingly reach the conclusion that transformative change of global production and consumption systems is necessary to safeguard and maintain global commons, such as biodiversity, natural forests and the ocean, and to stabilise climate at the global scale....