Book The $13 trillion question : how America manages its debt / David Wessel, editor.
Associated Name: Wessel, David, editor.
Publication year: 
Call Number HJ8101 .A4155 2016
Media class: Book
Publisher: Washington, D.C. : Brookings Institution Press
ISBN: 9780815727057 0815727054
Extent: xiv, 162 pages ; 23 cm
What is the best way for the Treasury to finance the government's huge debt? Harvard's Robin Greenwood, Sam Hanson, Joshua Rudolph, and Larry Summers argue that the Treasury could save taxpayers money and help the economy by borrowing more short term and less long term. They also argue that the Treasury and the Federal Reserve made a huge mistake in recent years by rowing in opposite directions: while the Fed was buying long-term bonds to push investors into other assets, the Treasury was doing the opposite -- selling investors more long-term bonds. This book includes responses from a variety of public and private sector experts on how the Treasury does its borrowing, some of whom have criticized the way the Treasury has been managing its borrowing.
Preface / Robin Greenwood, Samuel G. Hanson, and David Wessel -- 1. The optimal maturity of government debt / Robin Greenwood, Samuel G. Hanson, Joshua S. Rudolph, and Lawrence H. Summers. Comments by Janice Eberly, Brian Sack -- 2. Debt management conflicts between the U.S. Treasury and the Federal Reserve / Robin Greenwood, Samuel G. Hanson, Joshua S. Rudolph, and Lawrence H. Summers. Comments by Mary John Miller, Paul McCulley, Stephen G. Cecchetti, Jason Cummins -- 3. A new structure for U.S. federal debt / John H. Cochrane. Comment by Darrell Duffie -- 4. Concluding observations / Lawrence H. Summers.