We examine commercial office rental yields in 89 large cities in 33 developed and developing countries in the 2000 …-2019 period. As expected, commercial office yields have declined throughout the world, reflecting a decline in the real rate of … interest over this time period. Our cross-city analysis indicates that commercial office yields are lower in cities with …

We decompose 5 year nominal bond yields into real and inflation components in an international context using inflation …-linked and nominal bonds. Real rate variation dominates the variation in inflation-linked and nominal yields, but liquidity and … the Great Recession. Real rates are the main source of the correlation between nominal yields. A slow-moving risk aversion …