Do Excess Holding-Period Returns Depend on the Composition of Outstanding Federal Debt?

Do Excess Holding-Period Returns Depend on the Composition of Outstanding Federal Debt?

The relationship between the composition of outstanding federal debt and the term structure of interest rates has been a much studied and debated subject. This note examines the relationship between the excess holding period returns and the composition of debt over the post-Accord period. The eviden...

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Veröffentlicht in:Journal of money, credit and banking credit and banking, 1996-02, Vol.28 (1), p.132-139
Hauptverfasser: Wallace, Myles S., Warner, John T.
Format: Artikel
Sprache:eng
Schlagworte:
Analysis
Bond markets
Budget deficits
Capital market
Debt
Debt management
Economic aspects
Economic theory
Economics
Effects
Financial bonds
Financial instruments
Financial markets
Fiscal policy
Government bonds
Interest rates
Investments
Maturity structure
National debt
Notes, Comments, Replies
Outstanding debt
Public debt
Securities markets
Stock returns
Studies
Yield curves
Yield to maturity
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Beschreibung
Zusammenfassung:The relationship between the composition of outstanding federal debt and the term structure of interest rates has been a much studied and debated subject. This note examines the relationship between the excess holding period returns and the composition of debt over the post-Accord period. The evidence fails to support a link between debt composition and excess period returns. (Printed by permission of the publisher.)
ISSN:0022-2879
1538-4616
DOI:10.2307/2077972