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Journal Article
TIPS for safer investing
Sargent, Kevin H.; Taylor, Richard D. (1997-07)
A look at some of the advantages and disadvantages of Treasury Inflation-Protection Securities, the first U.S. government securities guaranteed to provide riskless, long-term protection against inflation, covering their structure, expected performance against traditional Treasury securities, liquidity concerns, and the claim that they will allow the Treasury to reduce its borrowing costs.
Economic Commentary , Issue Jul

Journal Article
Is the government an honest borrower?
Bisignano, Joseph (1984)
FRBSF Economic Letter

Journal Article
Statement to Congress, September 11, 1991 (government securities and programs for monitoring primary dealers)
Corrigan, E. Gerald (1991-11)
Federal Reserve Bulletin , Issue Nov , Pages 896-902

Journal Article
Statement to Congress, September 26, 1991 (regulation of the government securities market)
Mullins, David W. (1991-11)
Federal Reserve Bulletin , Issue Nov , Pages 941-944

Journal Article
Issuance of revised supervisory policy statement on securities activities, effective February 10, 1992
anonymous (1992-03)
Federal Reserve Bulletin , Issue Mar

Report
The case for TIPS: an examination of the costs and benefits
Roush, Jennifer E.; Dudley, William; Ezer, Michelle Steinberg (2008)
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.
Staff Reports , Paper 353

Working Paper
Collusion in uniform-price auctions: experimental evidence and implications for Treasury auctions
Rebello, Michael J.; Goswami, Gautam; Noe, Thomas H. (1995)
In uniform-price auctions of shares there exist collusive equilibria in which bidders capture the entire surplus from the auction as well as competitive equilibria in which the auctioneer captures the entire surplus from the auction. We provide experimental evidence that, in uniform-price auctions, non-binding pre-play communication facilitates convergence to collusive equilibrium outcomes. On the other hand, regardless of the opportunities for communication, in discriminatory-auction experiments subject strategies conform closely with the unique equilibrium in undominated strategies in which ...
FRB Atlanta Working Paper , Paper 95-5

Working Paper
Callable U.S. Treasury bonds: optimal calls, anomalies, and implied volatilities
Ronn, Ehud I.; Bliss, Robert R. (1997)
Previous studies on interest rate derivatives have been limited by the relatively short history of most traded derivative securities. The prices for callable U.S. Treasury securities, available for the period 1926?95, provide the sole source of evidence concerning the implied volatility of interest rates over this extended period. Using the prices of callable, as well as non-callable, Treasury instruments, this paper estimates implied interest rate volatilities for the past seventy years. Our technique for estimating implied volatilities enables us to address two important issues concerning ...
FRB Atlanta Working Paper , Paper 97-1

Journal Article
Strengthening the case for the yield curve as a predictor of U.S. recessions
Dueker, Michael J. (1997-03)
Past experience has led financial market participants to believe that future interest rates will be closely related to the performance of the economy. If so, the shape of the yield curve ought to summarize the implicit economic forecasts of a broad range of bond traders. Previous research has demonstrated that, relative to carefully tailored forecasting variables such as the index of leading indicators, the yield curve is an excellent predictor of recessions. In this article, Michael Dueker shows that the predictive power of the yield curve does not diminish when examined in the context of ...
Review , Issue Mar , Pages 41-51

Journal Article
Treasury financing in 1938
anonymous (1939-01)
Federal Reserve Bulletin , Issue Jan

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