We provide estimates of Treasury convenience premia across the entire term structure of Treasury bills, notes, and bonds over more than a quarter of a century and document a variety of key stylized facts about their time‐series and cross‐sectional patterns. These results raise concerns about the evolving nature of Treasury markets and suggest that investors may now place less weight on the traditional role of Treasury securities as liquid trading vehicles. These stylized facts provide empirical benchmarks that could help guide future theoretical and empirical work about the economics of safe assets in financial markets.

中文翻译：

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 国库丰富


我们提供了超过四分之一个世纪的国库券、票据和债券整个期限结构的国债便利溢价的估计，并记录了有关其时间序列和横截面模式的各种关键的程式化事实。这些结果引发了人们对国债市场不断变化性质的担忧，并表明投资者现在可能不再那么重视国债作为流动性交易工具的传统作用。这些典型的事实提供了经验基准，可以帮助指导未来有关金融市场安全资产经济学的理论和实证工作。