The Capital Gains and Losses on U.S. Government Debt: 1942-1987

The capital gains and losses on U.S. Treasury securities are calculated and reported on a quarterly basis over the 1942-1987 period. These data are then used to calculate an adjusted measure of the federal budget deficit for the years 1975-1987. Whereas the rising trend in interest rates over the 19...

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Bibliographic Details
Published in:The review of economics and statistics 1989-02, Vol.71 (1), p.1-14
Main Authors: Cox, W. Michael, Lown, Cara S.
Format: Article
Language:English
Subjects:
Budget deficits
Capital gains
Capital losses
Debt
Deficit financing
Economic indicators
Economic statistics
Federal budget deficit
Interest rates
Investment return rates
Market prices
National debt
National treasuries
Public debt
Securities
Security prices
Statistical analysis
Treasuries
Treasury bills
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Summary:The capital gains and losses on U.S. Treasury securities are calculated and reported on a quarterly basis over the 1942-1987 period. These data are then used to calculate an adjusted measure of the federal budget deficit for the years 1975-1987. Whereas the rising trend in interest rates over the 1975-1981 period substantially reduced the federal deficit, this study shows that the reversal of that trend over the 1981-1986 period contributed even more greatly to an increase in the deficit. Also calculated and reported are holding-period rates of return on overall marketable Treasury debt, providing a contrast to existing interest rate series.
ISSN:0034-6535
1530-9142
DOI:10.2307/1928046