At a time of a generalized reduction in risk premiums, reflecting expectations of greater monetary accommodation in the euro area, tensions on the Italian  government securities market have abated.
3  There are a number of empirical studies that attempt to decompose long-term government yields into the expected path of short-term interest rate and premium components. For Japanese government bonds, see Kei Imakubo and Jouchi Nakajima, “Estimating Inflation Risk Premia from Nominal and Real Yield Curves Using a Shadow-Rate Model,” Bank of Japan Working Paper, No. 15-E-1, 2015.