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Keywords:auctions 

Journal Article
Economic history : Sold, American! : how auction markets improved the tobacco trade and why they are becoming obsolete

Econ Focus , Volume 8 , Issue Spr , Pages 36-39

Journal Article
Policy update : A new addition to the Fed's toolkit

Econ Focus , Volume 12 , Issue Win , Pages 8, 38

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

Report
Credit default swap auctions

The rapid growth of the credit default swap (CDS) market and the increased number of defaults in recent years have led to major changes in the way CDS contracts are settled when default occurs. Auctions are increasingly the mechanism used to settle these contracts, replacing physical transfers of defaulted bonds between CDS sellers and buyers. Indeed, auctions will become a standard feature of all recent CDS contracts from now on. In this paper, we examine all of the CDS auctions conducted to date and evaluate their efficacy by comparing the auction outcomes to prices of the underlying bonds ...
Staff Reports , Paper 372

Report
Selection bias, demographic effects, and ability effects in common value auction experiments

We find clear demographic and ability effects on bidding in common value auctions: inexperienced women are much more susceptible to the winner's curse than men, controlling for SAT/ACT scores and college major; economics and business majors substantially overbid relative to other majors; and those with superior SAT/ACT scores are much less susceptible to the winner's curse, with the primary effect coming from those with below median scores doing worse, as opposed to those with very high scores doing substantially better, and with composite SAT/ACT score being a more reliable predictor than ...
Staff Reports , Paper 213

Report
Federal Reserve Participation in Public Treasury Offerings

This paper describes the evolution of Federal Reserve participation in public Treasury offerings. It covers the pre-1935 period, when the Fed participated on an equal footing with other investors in exchange offerings priced by Treasury officials, to its present-day practice of reinvesting the proceeds of maturing securities with “add-ons” priced in public auctions in which the Fed does not participate. The paper describes how the Federal Reserve System adapted its operating procedures to comply with the 1935 limitations on its Treasury purchases, how it modified its operating procedures ...
Staff Reports , Paper 906

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

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
High bid

Regional Review , Issue Spr , Pages 18-24

Newsletter
Explaining the decline in the auction rate securities market

Auction rate securities are an example of a relatively obscure financial market instrument that has been caught up in the recent negative sentiment affecting the financial markets. This article examines these securities and sheds some light on recent events.
Chicago Fed Letter , Issue Nov

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