illustrate the implications of asymmetry for the sensitivity of long rates and volatility of bond returns. When the central bank …. Time variation in the infation target is the main source of volatility, but learning adds to the ability of the model to … explain the observed volatility of returns along the yield curve. …

. The model allows for asymmetric risk premia, causality and co-volatility spillovers jointly in the global bond markets …. Empirical results show significant asymmetric partial co-volatility spillovers and risk premium exist in the bond markets. The …