Bond Supply and Excess Bond Returns
---- Acknowledgements -----
We thank Malcolm Baker, Daniel Bergstresser, Ken Froot, Denis Gromb, Sam Hanson, Christian Julliard, Arvind Krishnamurthy, Anna Pavlova, Christopher Polk, Andrea Prat, Andrei Shleifer, Erik Stafford, Jeremy Stein, Otto Van Hemert, Michela Verardo, Jean-Luc Vila, Annette Vissing-Jorgensen and Jeff Wurgler for helpful discussions. Sonya Lai provided excellent research assistance. Financial support from the Paul Woolley Centre at the LSE is gratefully acknowledged. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.