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. 2023 Feb 14;153:104402. doi: 10.1016/j.euroecorev.2023.104402

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Fig. 2 — Yield decomposition results for Italy (top) and Spain (bottom).

Yield decomposition results for Italian and Spanish five-year sovereign benchmark bonds. Data are daily between 2 January 2015 and 9 October 2020. The right panel magnifies the period between 31 January and 31 July 2020. The rightmost bars visualize the relative importance of each risk premium between 31 January and 31 July 2020. The reported percentages refer to the share of each component in the sum over (the absolute value of) all risk premia, averaged over all trading days between 31 January and 31 July 2020.