标题： 可视化国债发行策略 显示英文标题

标题： Visualizing Treasury Issuance Strategy

摘要： 我们引入了简单的成本和风险代理指标，这些指标可以附加到国债发行策略中，以补充对结果组合的加权平均期限（WAM）的分析。 这些指标基于将发行比例映射到机械债务滚动动态下成本和风险的长期渐近组合影响。 这种映射使得能够可视化拟议发行再分配中的权衡，并识别有效前沿和最优期限。 使用这些成本和风险指标，对历史国债发行策略进行了实证分析，以说明发行需求和策略的变化如何转化为国债发行成本和风险立场的结构性变化。 显示英文摘要

摘要： We introduce simple cost and risk proxy metrics that can be attached to Treasury issuance strategy to complement analysis of the resulting portfolio weighted-average maturity (WAM). These metrics are based on mapping issuance fractions to their long-term, asymptotic portfolio implications for cost and risk under mechanical debt-rolling dynamics. The resulting mapping enables one to visualize tradeoffs involved in contemplated issuance reallocation, and identify an efficient frontier and optimal tenor. Historical Treasury issuance strategy is analyzed empirically using these cost and risk metrics to illustrate how changes in issuance needs and strategy have translated into structural shifts in the cost and risk stance of Treasury issuance.