China''s financial prices are informative enough for the PBC to introduce a monetary policy framework centered around … interest rates. While bond yields are not fully efficient?reflecting regulation, liquidity, and segmentation?we find they …: changes in PBC rates influence the structure of Treasury, financial, and corporate bond yield curves, which are then …

How do cyclical fiscal stabilisation policies affect welfare and government bond risk premia? Using a new Keynesian … model we find that the effects of fiscal policy rules on the bond premium and welfare crucially depend on the source of …

-linked sovereign bond (ILB) yields of Germany, France and Italy. I identify this effect from the difference of breakeven rates from …

the shift in the dealers' net position. We then use a stylized model to demonstrate that increased bond supply and …

observed government bond yields and survey-based expected average short rates. Our term premiums measured directly based on … rates, and uncover a number of important facts: 1) the bulk of the variation in medium- and long-term bond yields is driven … shocks playing the most prominent role; and 5) the secular decline of U.S. long-term bond yields over the past thirty years …

the variation of excess bond risk premia in the sample. Additionally, the factor unveils differences between monetary …