The underexamined art and science of managing the federal
government's huge debt. Everyone talks about the size of the U.S.
national debt: now at $13 trillion and climbing. Few talk about how
the U.S. Treasury does the borrowing even though it is one of the
world's largest borrowers. Yet everyone from bond traders to the
home-buying public is affected by the Treasury's decisions about
whether to borrow short or long term and what types of bonds to
sell to investors. 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 a lot of 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.
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