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Emergence of "Regular" and "Predictable" as a Treasury Debt Management Strategy
Kenneth D. Garbade
其他書名
A Reprint from Economic Policy Review
出版DIANE Publishing Company, 2007-08
主題Business & Economics / Public FinancePolitical Science / Public Policy / Economic Policy
ISBN14223152909781422315293
URLhttp://books.google.com.hk/books?id=M2aDPQAACAAJ&hl=&source=gbs_api
註釋During the 1970s, U.S. Treasury (UST) officials revised the framework within which they selected the maturities of new notes & bonds. Previously, they chose maturities on an offering-by-offering basis. By 1982, the UST had ceased these ¿tactical¿ sales & was selling notes & bonds on a ¿regular & predictable¿ schedule. This article describes that key change in the TST¿s debt mgmt. strategy. In 1975, UST officials financed an unusually rapid expansion of the fed. deficit with a flurry of tactical offerings. Because the timing & maturities of the offerings followed no predictable pattern, the sales sometimes took investors by surprise, disrupting the market. These events led UST officials to embrace a program of regular & predictable issuance. Tables.