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Keywords:auctions OR Auctions 

Speech
Implementing the Federal Reserve's asset purchase program

Remarks at Global Interdependence Center Central Banking Series Event, Federal Reserve Bank of Philadelphia.
Speech , Paper 42

Journal Article
Going once, going twice, sold: auctions and the success of economic theory

It has been said that, "the value of anything is not what it cost to produce, but what you can get for it at an auction." The U.S. government's proving just that with its auctioning off of telecommunication license.
The Regional Economist , Issue Jan , Pages 10-11

Report
Anomalous bidding in short-term Treasury bill auctions

We show that Treasury bill auction procedures create classes of price-equivalent discount rates for bills with fewer than seventy-two days to maturity. We argue that it is inefficient for market participants to bid at a discount rate that is not the minimum rate in its class. The inefficiency of bidding at a rate other than the minimum is related to a quantity shortfall rather than an unexploited profit opportunity. Auction results for weekly offerings of four-week bills and occasional offerings of cash management bills show that market participants frequently bid at inefficient rates. ...
Staff Reports , Paper 184

Working Paper
Competing with asking prices

In many markets, sellers advertise their good with an asking price. This is a price at which the seller is willing to take his good off the market and trade immediately, though it is understood that a buyer can submit an offer below the asking price and that this offer may be accepted if the seller receives no better offers. Despite their prevalence in a variety of real world markets, asking prices have received little attention in the academic literature. We construct an environment with a few simple, realistic ingredients and demonstrate that using an asking price is optimal: it is the ...
Working Papers , Paper 13-07

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

Speech
Some observations and lessons from the crisis

Remarks at the Third Annual Connecticut Bank and Trust Company Economic Outlook Breakfast, Hartford, Connecticut.
Speech

Journal Article
The emergence of \\"regular and predictable\\" as a Treasury debt management strategy

During the 1970s, U.S. Treasury officials revised the framework within which they selected the maturities of new notes and bonds. Previously, they chose maturities on an offering-by-offering basis. By 1982, the Treasury had ceased these "tactical" sales and was selling notes and bonds on a "regular and predictable" schedule. This article describes that key change in the Treasury's debt management strategy. The author shows that in 1975, Treasury officials financed an unusually rapid expansion of the federal deficit with a flurry of tactical offerings. Because the timing and maturities ...
Economic Policy Review , Volume 13 , Issue Mar , Pages 53-71

Journal Article
Who buys Treasury securities at auction?

The U.S. Treasury Department now releases fuller information about its auctions than in the past, including new information on investor class and bidder category. The investor class data shed light on the distribution of demand for government securities, and the bidder category data, released first, offer an early read on demand. Purchases by indirect bidders, in particular, are a fairly good proxy for foreign purchases of Treasury notes, but not Treasury bills.
Current Issues in Economics and Finance , Volume 13 , Issue Jan

Working Paper
Disadvantaged business enterprise goals in government procurement contracting: an analysis of bidding behavior and costs

Programs that encourage the participation of disadvantaged business enterprises (DBE) as subcontractors have been a part of government procurement auctions for over three decades. In this paper, we examine the impact of a program that requires prime contractors to subcontract out a portion of a highway procurement project to DBE firms. We study how DBE subcontracting requirements affect bidding behavior in federally funded projects. Within a symmetric independent private value framework, we use the equilibrium bidding function to obtain the cost distribution of firms undertaking projects ...
Working Papers (Old Series) , Paper 1102

Speech
The implementation of recent monetary policy actions

Testimony before the Subcommittee on Oversight and Investigations, Committee on Financial Services, U.S. House of Representatives.> .
Speech , Paper 72

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