I study the transmission of monetary policy shocks on the maturity composition of new issued U.S. Treasury debt. Monetary policy tightening raises the relative attractiveness of short-term government debt by increasing its convenience premium, thereby lowering the Treasury’s borrowing cost at short maturities relative to longer maturities. By using Georgiadis and Jarociński (2025) monetary policy shocks as an external instrument in a Proxy-SVAR , I find that contractionary monetary policy shocks lead the Treasury to shorten the average maturity of new issued debt by increasing the issuance of Treasury bills while reducing the issuance of Treasury notes. Since new issuance primarily reflects the refinancing of maturing debt, these results suggest that the Treasury adjusts the maturity composition of its refinancing needs in response to monetary policy shocks. Poster

This paper investigates the asymmetric effects of expansionary and contractionary fiscal shocks in the U.S. economy using a state-of-the-art non-linear local projection framework. To identify fiscal shocks, I use a proxy based on revisions to the mean forecast of government spending growth from the Survey of Professional Forecasters, which represent unexpected changes in expectations about government spending. The estimated fiscal multipliers are larger following positive fiscal shocks than following negative ones, indicating asymmetric effects of fiscal policy interventions. 

Economics Letters, Volume 267, August 2026, 113093