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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

Journal Article
Everyman's interest rate forecast
Froewiss, Kenneth; Gorham, Michael (1978)
FRBSF Economic Letter

Journal Article
The benchmark U.S. Treasury market: recent performance and possible alternatives - commentary
Glaessner, Thomas C. (2000-04)
Economic Policy Review , Issue Apr , Pages 149-153

Journal Article
Flight to safety and U.S. Treasury securities
Sengupta, Rajdeep; Noeth, Bryan J. (2010-07)
As in most crises, investors turned to Treasuries in droves over the past couple of years, even as yields declined.
The Regional Economist , Issue Jul , Pages 18-19

Working Paper
Flow and stock effects of large-scale Treasury purchases
King, Thomas B.; D'Amico, Stefania (2010)
Using a panel of daily CUSIP-level data, we study the effects of the Federal Reserve's program to purchase $300 billion of U.S. Treasury coupon securities announced and implemented during 2009. This program represented an unprecedented intervention in the Treasury market and thus allows us to shed light on the price elasticities and substitutability of Treasuries, preferred-habitat theories of the term structure, and the ability of large-scale asset purchases to reduce overall yields and improve market functioning. We find that each purchase operation, on average, caused a decline in yields ...
Finance and Economics Discussion Series , Paper 2010-52

Journal Article
Liquidity effects in the bond market
Jovanovic, Boyan; Rousseau, Peter L. (2001-10)
The authors find that supply risk in the market for Treasury bills adds between 10 basis points and 40 basis points to the standard deviation of the T-bill interest rate. The risk will probably increase unless the Fed expands the set of assets that it uses to conduct open market operations.
Economic Perspectives , Volume 25 , Issue Q IV , Pages 17-35

Journal Article
The benchmark U.S. Treasury market: recent performance and possible alternatives - commentary
Crandall, Lou (2000-04)
Economic Policy Review , Issue Apr , Pages 147-148

Report
Buybacks in Treasury cash and debt management
Rutherford, Matthew; Garbade, Kenneth D. (2007)
This paper examines the use of buybacks in Treasury cash and debt management. We review the mechanics and results of the buyback operations conducted in 2000-01, during a time of budget surpluses, and assess the prospective use of buybacks in the absence of a surplus. Possible future applications include (i) managing the liquidity of the new-issue markets when deficits are declining (by allowing Treasury officials to postpone a decision to discontinue a series without also being compelled to shrink new-issue sizes); (ii) actively promoting the liquidity of the new-issue markets (by ...
Staff Reports , Paper 304

Monograph
Instruments of the money market (foreword)
Cook, Timothy Q.; LaRoche, Robert K. (1993)
Monograph

Working Paper
Idiosyncratic variation of Treasury bill yields
Duffee, Gregory R. (1994)
Finance and Economics Discussion Series , Paper 94-28

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