The Demand for Treasury Debt
---- Acknowledgements ----
We thank Ricardo Caballero, Ken Garbade, Lorenzo Garlappi, Bob McDonald, Monika Piazzesi, Sergio Rebelo, Suresh Sundaresan and seminar participants at MIT, Moody's-KMV, NBER AP meeting, Northwestern University, University of Texas-Austin, and the NY Fed for comments. Josh Davis and Byron Scott provided research assistance. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.