The Aggregate Demand for Treasury Debt

@inproceedings{Krishnamurthy2008TheAD,
  title={The Aggregate Demand for Treasury Debt},
  author={A. Krishnamurthy and Annette Vissing-Jorgensen},
  year={2008}
}
Investors value the liquidity and safety of U.S. Treasury bonds. We document this by showing that changes in Treasury supply have large effects on a variety of yield spreads. As a result, Treasury yields are reduced by 72 basis points, on average over the period from 1926-2008. The low yield on Treasuries due to their extreme safety and liquidity suggests that Treasuries in important respects are similar to money. Evidence from quantities supports this idea. When the supply of Treasuries falls… CONTINUE READING
Highly Influential
This paper has highly influenced a number of papers. REVIEW HIGHLY INFLUENTIAL CITATIONS
Highly Cited
This paper has 211 citations. REVIEW CITATIONS

1 Figure or Table

Topics

Statistics

0102030'06'07'08'09'10'11'12'13'14'15'16'17'18
Citations per Year

211 Citations

Semantic Scholar estimates that this publication has 211 citations based on the available data.

See our FAQ for additional information.