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Journal of Economic Perspectives: Vol. 7 No. 3 (Summer 1993)
JEP Volume. 7, Issue 3 | 
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The Economics of Treasury Securities Markets
Article 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
DOI: 10.1257/jep.7.3.117
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.
Article Full-Text Access
Full-text Article (Complimentary)
Authors
Bikhchandani, Sushil (UCLA)
Huang, Chi-fu (MIT)
Huang, Chi-fu (MIT)
JEL Classifications
G12: Asset Pricing; Trading volume; Bond Interest Rates
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