The Effect of Federal Debt-Management Policy on Corporate Bond and Equity Yields
用结构性模型发现联邦债务管理政策显著影响国债和私人证券收益率，且对公司债券和股票收益率的影响不成比例。
In theory, Federal debt-management policy potentially plays an important role in determining Treasury and private security yields. However, empirical studies have been unable to detect any significant effects from Federal debt-management. In large part the insignificance of relative asset supply effects associated with Federal debt-management policy may result from the use of unrestricted reduced-form models of interest rate determination. Using a disaggregated structural model of the markets for corporate bonds, equities, and four distinct maturity classes of Treasury securities, Federal debt-management policy is found to affect Treasury and private security yields significantly. Furthermore, the yields on corporate bonds and equities are influenced disproportionately.