The U.S. Treasury Premium
---- Acknowledgments ----
We thank Carlo Favero, Jeffery Frankel, Pierre-Olivier Gourinchas, Victoria Ivashina, Ruth Judson, Annette Vissing-Jorgenson, Arvind Krishnamurthy, and conference participants at the NBER International Seminar on Macroeconomics (Vilnius, Lithuania) for helpful comments and suggestions. We thank Kimberly Hagan for editorial assistance. The views in this paper are solely the responsibility of the authors and should not be interpreted as reflecting the views of the Board of Governors of the Federal Reserve System, any other person associated with the Federal Reserve System, or the National Bureau of Economic Research. All remaining errors are our own.