We compare the implications of speculation versus hedging channels for bond markets in heterogeneous agents’ economies. Treasuries command a significant risk premium when optimistic agents speculate by leveraging their positions using bonds. Disagreement drives wedge between marginal agent econometrician beliefs (sentiment). When speculative demands dominate, interaction belief heterogeneity an...

In recent years several techniques for exceeding the program’s data-flow constraints have been proposed. These include value prediction, instruction reuse, and dependency redirection. In this paper we show how they can be regarded as one universal method of performing what we term result reuse. We study in depth the dependency redirection derivative and propose several hardware schemes to accom...