Bond Convenience Yields in the Eurozone Currency Union
研究发现，在欧元区货币联盟中，便利收益率解释了主权债券收益率的大部分变化，且政府盈余越大，债券的便利收益率越高，这给外围国家带来巨大的财政成本。
Abstract In a monetary union, the risk-free rate cannot adjust to country-level fiscal positions, leaving only default spreads and convenience yields to respond. Empirically, we find that convenience yields explain a large share of the variation in eurozone (EZ) sovereign bond yields. EZ sovereign bonds earn larger convenience yields when their governments run larger surpluses. Since convenience yields generate substantial seigniorage revenue from debt issuance, our estimates imply economically large fiscal costs from low convenience yields for peripheral countries in the EZ.