himaginary’s diary
というNBER論文が上がっている（ungated版）。原題は「Inflation and Treasury Convenience」で、著者はAnna Cieslak（デューク大）、Wenhao Li（南カリフォルニア大）、Carolin Pflueger（シカゴ大）。 以下はその要旨。 Using a century of data, we show that Treasury convenience yield and inflation comove positively during the inflationary 1970s-1980s, but negatively pre-WWII and post-2000. An inflation decomposition reveals that higher supply inflation predicts higher co
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