Dollar Reserves and U.S. Yields: Identifying the Price Impact of Official Flows
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This paper shows that the price impact of foreign official (FO) purchases or sales of U.S. Treasuries (USTs) is about twice as large as previously reported in the literature once critical sources of endogeneity are addressed. We also show that prevailing estimates of this price impact suffer from
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美国国家经济研究局创建时间：
2022-09-01
