The Flight - to - Liquidity Premium in U . S . Treasury Bond Prices
نویسنده
چکیده
But what is crucial about this distinction is that the individuals who were moving from, let’s assume, the illiquid U.S. Treasuries to the liquid on-the-run liquid issues, are basically saying, “I want out. I don’t want to know anything about whether a particular investment is risky or not. I just want to disengage.” And the reason you go into these liquid instruments is that that is the vehicle which enables one to disengage as quickly as possible. (Alan Greenspan, October 7, 1998)
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