The Aggregate Demand for Treasury Debt

By Arvind Krishnamurthy, Annette Vissing-Jorgensen. Journal of Political Economy, 2012

1,402 citations recorded by the source corpus.

Subfields: Finance

View Paper: https://www.semanticscholar.org/paper/f3d4bfee3234e5b90f214d500f78ef798881311b

How researchers see this paper

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In Finance

1. Arvind Krishnamurthy
2. Stefan Nagel
3. John Y. Campbell
4. Luc Laeven
5. Jeremy C. Stein
6. Bo Becker
7. Stijn Van Nieuwerburgh
8. S. G. Hanson

Citations in the corpus

• An Analysis of the Impact of 'Substantially Heightened' Capital Requirements on Large Financial Institutions (2010, background): “As noted above, Krishnamurthy and Vissing-Jorgensen (2010) estimate that Treasury securities impound a money-like convenience premium of approximately 72 basis points, on top of what would be expected in a standard risk-vs.”
• Financial Repression in the European Sovereign Debt Crisis (2017, positive): “In turn, higher demand for liquidity could have led to an increase in holdings for sovereign debt (Krishnamurthy and Vissing-Jorgensen, 2012) at the expense of the willingness to hold other assets, including corporate loans.”
• Foreign Safe Asset Demand and the Dollar Exchange Rate (2018, neutral): “Investors forgo a sizeable return, the convenience yield, to own these assets (see Krishnamurthy and Vissing-Jorgensen, 2012, for example).”