ECB research examines ‘inverted V’ yields around bond auctions
A working paper published by the European Central Bank (ECB) on September 27 scrutinises the phenomenon of "inverted V" patterns of bond yields around auctions.
Price Effects of Sovereign Debt Auctions in the Eurozone: the Role of the Crisis, by Roel Beetsma, Massimo Giuliodori, Frank de Jong and Daniel Widijanto, compares the experience of German and Italian bond issues during the recent crisis in Europe. The authors find that while Italian bond yields displayed the inverted V, German yields
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