Manufacturing risk-free government debt

Zhengyang Jiang; Hanno Lustig; Stijn Van Nieuwerburgh; Mindy Z. Xiaolan

doi:10.1016/j.jfineco.2025.104203

Manufacturing risk-free government debt

Zhengyang Jiang^1,2,3; Hanno Lustig^2,4,5; Stijn Van Nieuwerburgh; Mindy Z. Xiaolan^2,6

¹ Northwestern University · ² National Bureau of Economic Research · ³ Kellogg's (Canada) · ⁴ Stanford Medicine · ⁵ Stanford University · ⁶ The University of Texas at Austin

Journal of Financial Economics 2026 open access

DOI: 10.1016/j.jfineco.2025.104203
Volume: 176
Pages: 104203
Language: en
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