The Flight-to-Liquidity Premium in U.S. Treasury Bond Prices
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We examine whether there is a flight-to-liquidity premium in Treasury bond prices by comparing them with prices of bonds issued by Refcorp, a U.S. Government agency, which are guaranteed by the Treasury. We find a large liquidity premium in Treasury bonds, which can be more than fifteen percent of
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美国国家经济研究局创建时间：
2002-11-01
