Convenience Lost

We show long-term Treasury convenience yields are more sensitive to changes in Treasury supply than short-term Treasury convenience yields. The fiscal expansion in the past two decades and the resultant increase in Treasury supply depressed convenience yields heterogeneously across maturities

我们证实，长期国债便利收益率（Treasury Convenience Yields对国债供给变化的敏感度高于短期国债便利收益率。过去二十年间的财政扩张及其引致的国债供给增长，对不同期限的国债便利收益率产生了异质性的抑制效应。

搜集汇总

背景与挑战

背景概述

该数据集是一篇研究美国国债便利收益率的论文，主要探讨了长期和短期国债便利收益率对国债供应变化的敏感性差异，以及财政扩张对不同期限国债便利收益率的异质性影响。