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▽himaginaryの日記 ●05/15 09:28 2025-05-14国債市場における財政再分配リスクというNBER論文が上がっている(ungated(SSRN)版)。原題は「Fiscal Redistribution Risk in Treasury Markets」で、著者はRoberto Gomez Cram(ロンドンビジネススクール)、Howard Kung(同)、Hanno Lustig(スタンフォード大)、David Zeke(FRB)。以下はその要旨。Unfunded fiscal shocks are a significant source of risk premia in Treasury markets when central banks and governments decide to insulate taxpayers and expose bondholders' wealth to gover