The Treasury Auction Process: Objectives, Structure, and Recent Adaptations

11 Pages Posted: 8 Mar 2005

See all articles by Kenneth Garbade

Kenneth Garbade

Federal Reserve Bank of New York

Jeffrey Ingber

Independent

Abstract

Treasury auctions are designed to minimize the cost of financing the national debt by promoting broad, competitive bidding and liquid secondary market trading. A review of the auction process - from the announcement of a new issue to the delivery of securities - reveals how these objectives have been met. Also highlighted are changes in the auction process that stem from recent advances in information-processing technologies and risk management techniques.

Keywords: Treasury auctions

JEL Classification: G18, G28, H63

Suggested Citation

Garbade, Kenneth and Ingber, Jeffrey, The Treasury Auction Process: Objectives, Structure, and Recent Adaptations. Available at SSRN: https://ssrn.com/abstract=678301

Kenneth Garbade (Contact Author)

Federal Reserve Bank of New York ( email )

33 Liberty Street
New York, NY 10045
United States

Jeffrey Ingber

Independent ( email )

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