For over two centuries, the municipal bond market has been a source of systemic risk, which returned early in the COVID … difficult to borrow at all. Indeed, just before the Fed announced its unprecedented intervention into the municipal (muni) bond … of the MLF could undermine the efficiency of the bond market if the facility lasts too long and could induce moral hazard …

This paper examines whether the ECB's Quantitative Easing (QE) policy is causing government bond prices to deviate from … series introduced by Phillips et al. (2015). We extend this methodology and apply it to government bond prices. The results … show that the QE policy substantially inflated government bond prices in Euro Area countries to such an extent that bond …

We estimate the response of euro area sovereign bond yields to purchase operations under the ECB's Public Sector …, led to a temporary 7 basis-point decline in sovereign bond yields on the day of purchase. This impact estimate is well …

This paper econometrically models the dynamics of long-term Chinese government bond (CGB) yields based on key … index, the exchange rate of the Chinese yuan, and the balance sheet of the People's Bank of China (PBOC). The findings show … long-term government bond yields through the short-term interest rate. The paper's findings evince that Keynes's claim …

show the merit of our approach along the following dimensions: (i) interpretable bond dynamics; (ii) accurate short end …

We show that uncertainty of monetary policy (MPU) commands a risk premium in the US Treasury bond market. Using the … significantly and positively future monthly Treasury bond excess returns. This forecastability remains significant controlling for … standard bond risk premium predictors based on yield curve and macroeconomic fundamentals. The predictive power of MPU is not …

We study drift and cyclical components in U.S. Treasury bonds. We find that bond yields are drifting because they … productivity trends, plus long-term inflation expectations, leads to cyclical deviations of bond prices from their drift that … predict bond returns in- and out-of-sample. These bond cycles can originate from term premia or temporary deviations from …