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Keywords:Treasury bills 

Journal Article
Why the U.S. Treasury began auctioning Treasury bills in 1929

The U.S. Treasury began auctioning zero-coupon bills in 1929 to complement the fixed-price subscription offerings of coupon-bearing certificates of indebtedness, notes, and bonds that it had previously relied upon. Bills soon came to play a central role in Treasury cash and debt management. This article explains that the Treasury began auctioning bills to mitigate flaws in the structure of its financing operations that had become apparent during the 1920s. The flaws included the underpricing of new issues to limit the risk of a failed offering; borrowing in advance of actual requirements, ...
Economic Policy Review , Volume 14 , Issue Jul , Pages 31-47

Journal Article
Designing effective auctions for treasury securities

Most discussions of treasury auction design focus on the choice between two methods for issuing securities--uniform-price or discriminatory auctions. Although auction theory and much recent research appear to favor the uniform-price method, most countries conduct their treasury auctions using the discriminatory format. What are the main issues underlying the debate over effective auction design?
Current Issues in Economics and Finance , Volume 3 , Issue Jul

Journal Article
Treasury securities offered in smaller amounts

Financial Update , Volume 11 , Issue Oct , Pages 5

Working Paper
The effect of tick size on Treasury auctions

FRB Atlanta Working Paper , Paper 94-9

Journal Article
Forecasting changes in inflation using the Treasury bill futures market

New England Economic Review , Issue Mar , Pages 41-48

Working Paper
The dynamic relationship between the federal funds rate and the Treasury bill rate: an empirical investigation

This article examines the dynamic relationship between two key U.S. money market interest rates - the federal funds rate and the 3-month Treasury bill rate. Using daily data over the period 1974 to 1999, we find a long-run relationship between these two rates that is remarkably stable across monetary policy regimes of interest rate and monetary aggregate targeting. Employing a non-linear asymmetric vector equilibrium correction model, which is novel in this context, we find that most of the adjustment towards the long-run equilibrium occurs through the federal funds rates. In turn, there is ...
Working Papers , Paper 2000-032

Journal Article
The yield curve as a leading indicator: some practical issues

Since the 1980s, economists have argued that the slope of the yield curve-the spread between long- and short-term interest rates-is a good predictor of future economic activity. While much of the existing research has documented how consistently movements in the curve have signaled past recessions, considerably less attention has been paid to the use of the yield curve as a forecasting tool in real time. This analysis seeks to fill that gap by offering practical guidelines on how best to construct the yield curve indicator and to interpret the measure in real time.
Current Issues in Economics and Finance , Volume 12 , Issue Jul

Journal Article
Everyman's interest rate forecast

FRBSF Economic Letter

Journal Article
Interest rate forecasts and market efficiency

Economic Review , Issue Spr , Pages 29-43

Journal Article
Enhancing the liquidity of U.S. Treasury securities in an era of surpluses

Economic Policy Review , Issue Apr , Pages 89-119


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Fleming, Michael J. 11 items

Cook, Timothy Q. 5 items

Garbade, Kenneth D. 5 items

Lawler, Thomas A. 3 items

Estrella, Arturo 2 items

LaRoche, Robert K. 2 items

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