Before Mr. Stein left Harvard for the Fed, he and colleagues Robin Greenwood and Samuel Hanson showed statistically that when the federal government does a lot of its borrowing at shorter maturities, companies tend to do a lot of their borrowing at longer maturities, and vice versa. By reducing the supply of long-term Treasurys in the market, the Fed's heavy purchases are akin to the government borrowing more short-term.
在斯坦离开哈佛大学到美联储任职之前,他与同事格林伍德(Robin Greenwood)和汉森(Samuel Hanson)的统计数据显示,当美国联邦政府开始大量短期借债时,企业往往也会大量举债,且期限较长,反之亦然。美联储大举购债减少了市场上长期国债的供应量,这种做法类似于政府更多地借进了短期债务。
There is a wrinkle. While the Fed is subtracting from the market's stock of long-term Treasurys, the Treasury itself seems to be fighting the Fed. It is adding to the supply of long-term Treasurys by selling more of them. The average maturity of the Treasury's debt outstanding has been growing for years. At the end of September, it was 64.4 months, well above the 30-year average of 58.1 months.
但这里有个问题。就在美联储减少市场上的长期国债之际,美国财政部似乎正与之进行较量,即出售更多国债来增加长期国债的供应。美国财政部未偿债务的平均期限多年来一直不断增加。截至今年9月底,这一期限为64.4个月,远高于30年来58.1个月这一均值。
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