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Research / Academic Paper ACTIVE

The Aggregate Demand for Treasury Debt

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Abstract

Investors value the liquidity and safety of US Treasuries. We document\\nthis by showing that changes in Treasury supply have large effects on\\na variety of yield spreads. As a result, Treasury yields are reduced by\\n73 basis points, on average, from 1926 to 2008. Both the liquidity and\\nsafety attributes of Treasuries are driving this phenomenon. We document\\nthis by analyzing the spread between assets with different liquidity\\n(but similar safety) and those with different safety (but similar\\nliquidity). The low yield on Treasuries due to their extreme safety and\\nliquidity suggests that Treasuries in important respects are similar to\\nmoney.

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Document Metadata

Issuer
University of Chicago Press
Document Type
Research / Academic Paper
Publication Year
2012
Retrieved
5 May 2026
Source
Contact XFID for Access
Record ID
XFWWVMC4NL
Validation
Inferred by XFID

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University of Chicago Press (2012). The Aggregate Demand for Treasury Debt. XFID: XF-WWVMC4N-L. Retrieved from https://xframework.id/XFWWVMC4NL
Identifier only
XF-WWVMC4N-L