Vila (2009), “A Preferred-Habitat Model of the Term Structure of Interest Rates,” NBER Working Paper, No 15487 for a model treatment of how the presence of preferred-habitat investors gives rise to bond-supply effects on term premia.
Consistent with this theory Eser, F., W. Lemke, K. Nyholm, S. Radde and A. Vladu (2019), “Tracing the impact of the ECB’s asset purchase programme on the yield curve,” ECB Working Paper, No 2293, quantify term premia effects of the ECB’s asset purchases programme for the euro area, in line with Li, C. and M. Wei (2013), "Term Structure Modeling with Supply Factors and the Federal Reserve's Large-Scale Asset Purchase Programs," International Journal of Central Banking, vol.