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Policy Watch: The Introduction of Indexed Government Debt in the United States

David Wilcox ()

Journal of Economic Perspectives, 1998, vol. 12, issue 1, 219-227

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.

JEL-codes: G12 H63 E62 E31 (search for similar items in EconPapers)
Date: 1998
Note: DOI: 10.1257/jep.12.1.219
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Handle: RePEc:aea:jecper:v:12:y:1998:i:1:p:219-27