Greenwood, Robin; Vissing-Jørgensen, Annette - 2018
We document a strong effect of pension and insurance company (P&I) assets on the long end of the yield curve. Using … ratio of pension assets (in funded and private pension and life insurance arrangements) to GDP, suggesting that preferred …-habitat demand by the P&I sector for long-dated assets drives the long end of the yield curve. We draw on changes in regulations in …