| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29081 |
| 来源ID | Working Paper 29081 |
| Treasury Richness | |
| Matthias Fleckenstein; Francis A. Longstaff | |
| 发表日期 | 2021-07-26 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | It is widely believed that Treasuries trade at premium prices because of their safety and money-like properties. In reality, this is only true on a relative basis when compared to other bonds, but is often not true on an absolute basis. Many Treasuries have repeatedly traded at substantial discounts to their intrinsic fair values for extended periods during the past 25 years. Since 2015, Treasuries have consistently been priced at an aggregate discount of $100 to $300 billion below their fair values. Treasuries often actually become cheaper following crises. These results provide new perspectives on safe-asset theories. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w29081 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586755 |
| 推荐引用方式 GB/T 7714 | Matthias Fleckenstein,Francis A. Longstaff. Treasury Richness. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w29081.pdf（759KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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