Jiang, Zhengyang; Lustig, Hanno N.; Van Nieuwerburgh, Stijn - 2021
surpluses. In the data, adjustments to convenience yields explain a larger fraction of the variation in Eurozone bond yields … billion euros in cumulative revenues from bond issuance between 2003 and 2020, representing 2.6% of 2020 Eurozone GDP …This paper analyzes bond convenience yields in a currency union. The intertemporal government budget constraint …