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Cited by 1,558

The DOI matches its Crossref record.

The Aggregate Demand for Treasury Debt

Open access
Krishnamurthy, Arvind, Vissing-Jorgensen, Annette·2012·Journal of Political Economy
DOI 10.1086/666526
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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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Metadata

Authors
Krishnamurthy, A., & Vissing-Jorgensen, A.
Venue
Journal of Political Economy
Publisher
University of Chicago Press
Published
2012-04
Volume
120
Issue
2
Pages
233-267
ISSN
  • 0022-3808 (ISSN-L)
  • 1537-534X
DOI
10.1086/666526
OpenAlex
W2047437177
Cited by
1,558
References
0
FWCI
157.07
Type
journal article
Language
en
Open access
green

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CoChat. (2026). Citation check: The Aggregate Demand for Treasury Debt. https://app.cochat.ai/papers/10.1086/666526
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Krishnamurthy, A., & Vissing-Jorgensen, A. (2012). The Aggregate Demand for Treasury Debt. Journal of Political Economy. https://doi.org/10.1086/666526

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Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.