Risk and Return in Government Bonds -- by Matteo Leombroni, Carolin Pflueger, Adi Sunderam

We thank Nick Bloom, John Campbell, Mike Golosov, Hanno Lustig, Alan Moreira, Kelly Shue (discussant), Andrea Vedolin (discussant), and Luis Viceira for helpful comments. We thank seminar participants at the Stanford SITE conference, MIT Sloan, Chicago Booth, DePaul University, Boston College, Boston University, NYU Stern, Columbia SIPA, the Princeton Macro-Finance Conference, the NBER Asset Pricing Summer Institute, and the Texas Macroeconomics conference for helpful comments. The views expressed here are those of the authors and do not necessarily reflect the views of others in the Federal Reserve System. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.