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Journal of Economic Perspectives: Vol. 12 No. 1 (Winter 1998)
JEP Volume. 12, Issue 1 | 
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Policy Watch: The Introduction of Indexed Government Debt in the United States
Article Citation
Wilcox, David W. 1998. "Policy Watch: The Introduction of Indexed Government Debt in the United States."
Journal of Economic Perspectives,
12(1): 219-227.
DOI: 10.1257/jep.12.1.219
DOI: 10.1257/jep.12.1.219
Abstract
This article describes the early phases of the development of the market for indexed government debt in the United States. The first such bonds were issued in 1997--one set with a maturity of ten years, the other with a maturity of five years. In the wake of the Treasury issuance, several non-Treasury borrowers have issued indexed debt and several new index-linked products for retail customers have been introduced. As expected, the new indexed notes have 'outperformed' conventional nominal notes in the secondary markets for Treasury debt when bad news has become available about inflation and conversely.
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Authors
Wilcox, David W. (Federal Reserve System)
JEL Classifications
G12: Asset Pricing; Trading volume; Bond Interest Rates
H63: National Debt; Debt Management
E62: Fiscal Policy
E31: Price Level; Inflation; Deflation
H63: National Debt; Debt Management
E62: Fiscal Policy
E31: Price Level; Inflation; Deflation
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