Journal of Economic Perspectives: Vol. 7 No. 3 (Summer 1993)


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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


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.

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Bikhchandani, Sushil (UCLA)
Huang, Chi-fu (MIT)

JEL Classifications

G12: Asset Pricing; Trading volume; Bond Interest Rates


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