6 Geneva Association (2012), Surrenders in the Life Insurance Industry and their Impact on Liquidity, August 2012. 7 The study also points to an increase in the convenience yield for safety and liquidity, as the real interest rate on 6/7  BIS central bankers' speeches  safe and liquid securities is considered.
See M Del Negro, D Giannone, M P Giannoni and A Tambalotti (2018), Global Trends in Interest Rates, NBER Working Paper No. 25039. 8 J H Williams (1931), The Monetary Doctrines of JM Keynes, The Quarterly Journal of Economics, 45(4), 547–  587. 9 R Caballero, E Farhi and P-O Gourinchas (2017), Rents, Technical Change, and Risk Premia.