This paper presents an equilibrium bond-pricing model that jointly explains the upward-sloping nominal and real yield …

bond market. We exploit these policy changes using a difference-in-differences strategy, with ineligible corporate green …

patterns in bond and currency markets. Using our calibrated model, we quantify the effect of this channel and find that it … largely explains why short rates and yield spreads predict bond and currency returns. The model also creates the downward … expectations framework. Consistent with the model, we find that variables that predict bond and currency returns also predict …