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Improving selling of Treasury Bills

Menezes, Flavio


There is a renewed interest in studying the optimal procedure to sell Treasury Bills. This debate, which has its roots in Milton Friedman's proposal to use uniform-price auctions (Friedman, 1960), has concentrated on the advantages of the uniform versus the discriminatory-price auction. In a uniform-price auction, bids (which include both price and quantity) are ordered by price, from the highest to the lowest. The auctioneer accepts quantities up to the amount it is selling, but all winners...[Show more]

CollectionsANU Research Publications
Date published: 2009-09-15T05:17:42Z
Type: Journal article
Source: Agenda: A Journal of Policy Analysis and Reform


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