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| Title: | | The case for TIPS: An examination of the costs and benefits  |
| Authors: | | Roush, Jennifer Dudley, William Ezer, Michelle Steinberg |
| Issue Date: | | 2008 |
| Series/Report no.: | | Staff Report, Federal Reserve Bank of New York 353 |
| Abstract: | | Several studies have shown that, ex-post, the issuance of Treasury Inflation-Protected Securities (TIPS) has cost U.S. taxpayers money. We propose that evaluations of the TIPS program be more comprehensive and focus on the ex-ante costs of TIPS issuance versus nominal Treasury issuance and, especially when these costs are negligible, the more difficult-to-measure benefits of the program. Our study finds that the ex-ante costs of TIPS issuance versus nominal Treasury issuance are currently about equal and that TIPS provide meaningful benefits to investors and policymakers. |
| Subjects: | | Inflation-indexed debt Treasury Inflation-Protected Securities (TIPS) liquidity premium inflation risk premium |
| JEL: | | H63 G10 E6 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Staff Reports, Federal Reserve Bank of New York
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