The U.S. Public Debt Valuation Puzzle
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NBER Working Paper No. 26583
---- Acknowledgments ----
The authors would like to thank Philip Bond, John Cochrane, Peter DeMarzo, Ben Hebert, Chris Hrdlicka, Nobu Kyotaki, Ralph Koijen, Ian Martin, John Moore, Christian Moser, Carolin Pflueger (discussant), Jean-Paul Renne, Jesse Schreger, Pierre Yared, Steven Zeldes, and seminar and conference participants at the Joint Stanford-U.C. Berkeley finance seminar, Columbia University macroeconomics, Kellogg finance, LSE, Chicago Booth finance, UT Austin finance, the University of Washington, Stanford economics, Stanford finance, USC, UCLA Anderson, Shanghai Advanced Institute of Finance, the 2019 Society for Economic Dynamics meetings in St Louis, and the Advances in Macro-Finance Tepper-LAEF Conference for insightful discussions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.