This website uses cookies.

By clicking the "Accept" button or continuing to browse our site, you agree to first-party and session-only cookies being stored on your device to enhance site navigation and analyze site performance and traffic. For more information on our use of cookies, please see our Privacy Policy.

  1. Home
  2. Journals
  3. Journal of Economic Perspectives
  4. Summer 1993
  5. The Economics of Treasury Securities Markets

The Economics of Treasury Securities Markets

  • Sushil Bikhchandani
  • Chi-fu Huang
Journal of Economic Perspectives
vol. 7, no. 3, Summer 1993
(pp. 117-134)
Download Full Text PDF
(Complimentary)

Abstract

The market for Treasury securities attracted considerable attention recently, after alleged infringements by Salomon Brothers. Several questions have been raised about the best way of selling U.S. government debt. One issue is whether altering the auction format would yield greater revenues for the Treasury. Another related question is how susceptible the existing mechanism for selling Treasury securities is to manipulation by buyers. In this paper, we describe what economists' analyses of auctions imply about the market for Treasury securities.

Citation

Bikhchandani, Sushil, and Chi-fu Huang. 1993. "The Economics of Treasury Securities Markets." Journal of Economic Perspectives, 7 (3): 117-134. DOI: 10.1257/jep.7.3.117

JEL Classification

  • G12 Asset Pricing; Trading volume; Bond Interest Rates
There are no comments for this article.
Login to Comment