The Economics of Treasury Securities Markets

Bibliographic Data

ID4029041
AuthorsSushil Bikhchandani (0000-0003-0554-072X, Associate Professor of Management Science, Anderson Graduate School of Management, University of California, Los Angeles, California.), Chi-Fu Huang (Massachusetts Institute of Technology)
Year1993
Volume7
Issue3
Pages117-134
Publication date1993-08-01
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueThe Journal of Economic Perspectives (JOURNAL)
Journal identifiersISSN: 0895-3309 • E-ISSN: 1944-7965
PublisherAmerican Economic Association (PUBLISHER • US)
DOI10.1257/jep.7.3.117
OpenAlexW1999955667
LanguageEN
Citations received7
References cited12

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

Bond market · Business · Common value auction · Debt · Economics · Financial economics · Financial market · Financial system · Microeconomics · Monetary economics · Political science · Revenue · Security market · Third market · Treasury · Auction Theory and Applications · Financial Markets and Investment Strategies · Housing Market and Economics · Law · Finance

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