4  See Caballero, Farhi, and Gourinchas (2015). 5  See Chen, Engstrom, Grishchenko (2016). Another factor affecting the term premium is Federal Reserve asset purchases.
Yves Mersch: Productivity in the financial services sector Opening remarks by Mr Yves Mersch, Governor of the Central Bank of Luxembourg, at the BCL-SUERF Conference on “Productivity in the Financial Services Sector”, Luxembourg, 11-12 November 2008. *  *  *  It is my pleasure to welcome you on behalf of the Banque centrale du Luxembourg.