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

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  • Kenneth D. Garbade

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?

Suggested Citation

  • Kenneth D. Garbade, 2020. "Managing the Maturity Structure of Marketable Treasury Debt: 1953-1983," Staff Reports 936, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednsr:88464
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    References listed on IDEAS

    as
    1. Garbade, Kenneth D., 2012. "Birth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262016370, April.
    2. Kenneth D. Garbade, 2004. "The institutionalization of treasury note and bond auctions, 1970-75," Economic Policy Review, Federal Reserve Bank of New York, issue May, pages 29-45.
    3. Kenneth D. Garbade, 2007. "The emergence of \\"regular and predictable\\" as a Treasury debt management strategy," Economic Policy Review, Federal Reserve Bank of New York, vol. 13(Mar), pages 53-71.
    4. Kenneth D. Garbade, 2015. "Treasury debt management under the rubric of regular and predictable issuance: 1983-2012," Monograph, Federal Reserve Bank of New York, number 00001.
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    More about this item

    Keywords

    Treasury debt management; maturity structure of debt; advance refundings;
    All these keywords.

    JEL classification:

    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • N22 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: 1913-

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