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Keywords:Treasury bills 

How do treasury dealers manage their positions?

Using data on U.S. Treasury dealer positions from 1990 to 2006, we find evidence of a significant role for dealers in the intertemporal intermediation of new Treasury security supply. Dealers regularly take into inventory a large share of Treasury issuance so that dealer positions increase during auction weeks. These inventory increases are only partially offset in adjacent weeks and are not significantly hedged with futures. Dealers seem to be compensated for the risk associated with these inventory changes by means of price appreciation in the subsequent week.
Staff Reports , Paper 299

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
Everyman's interest rate forecast

FRBSF Economic Letter

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

Working Paper
Macroeconomic risk and Treasury bill pricing: an application of the Factor-Arch model

Working Papers , Paper 93-25

Journal Article
The benchmark U.S. Treasury market: recent performance and possible alternatives - commentary

Economic Policy Review , Issue Apr , Pages 149-153

Journal Article
Yield differentials in treasury bills, 1959-64

Federal Reserve Bulletin , Issue Oct

Treasury bills


Journal Article
The benchmark U.S. Treasury market: recent performance and possible alternatives - commentary

Economic Policy Review , Issue Apr , Pages 155-157

Journal Article
The Treasury auction process: objectives, structure, and recent acquisitions

Treasury auctions are designed to minimize the cost of financing the national debt by promoting broad, competitive bidding and liquid secondary market trading. A review of the auction process-from the announcement of a new issue to the delivery of securities-reveals how these objectives have been met. Also highlighted are changes in the auction process that stem from recent advances in information-processing technologies and risk management techniques.
Current Issues in Economics and Finance , Volume 11 , Issue Feb


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Fleming, Michael J. 12 items

Cook, Timothy Q. 5 items

Garbade, Kenneth D. 5 items

Lawler, Thomas A. 3 items

Estrella, Arturo 2 items

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