Managing the Maturity Structure of Marketable Treasury Debt: 1953-1983

63 Pages Posted: 31 Jul 2020

See all articles by Kenneth Garbade

Kenneth Garbade

Federal Reserve Bank of New York

Date Written: July 2020

Abstract

This paper examines the evolution of the maturity structure of marketable Treasury debt from 1953 to 1983. Average maturity contracted erratically from 1953 to 1960, expanded through mid-1965, contracted again through late 1975, and then expanded into the early 1980s. What accounts for these broad trends? In particular, what were the maturity objectives of Treasury debt managers? Were they able to achieve their objectives? Why or why not?

Keywords: Treasury debt management, maturity structure of debt, advance refundings

JEL Classification: G28, H63, N22

Suggested Citation

Garbade, Kenneth, Managing the Maturity Structure of Marketable Treasury Debt: 1953-1983 (July 2020). FRB of New York Staff Report No. 936, Available at SSRN: https://ssrn.com/abstract=3664746 or http://dx.doi.org/10.2139/ssrn.3664746

Kenneth Garbade (Contact Author)

Federal Reserve Bank of New York ( email )

33 Liberty Street
New York, NY 10045
United States

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