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dc.contributor.authorFleming, Michael J.en_US
dc.contributor.authorGarbade, Kenneth D.en_US
dc.contributor.authorKeane, Franken_US
dc.date.accessioned2012-08-17T14:25:25Z-
dc.date.available2012-08-17T14:25:25Z-
dc.date.issued2004en_US
dc.identifier.urihttp://hdl.handle.net/10419/60560-
dc.description.abstractWe show that Treasury bill auction procedures create classes of price-equivalent discount rates for bills with fewer than seventy-two days to maturity. We argue that it is inefficient for market participants to bid at a discount rate that is not the minimum rate in its class. The inefficiency of bidding at a rate other than the minimum is related to a quantity shortfall rather than an unexploited profit opportunity. Auction results for weekly offerings of four-week bills and occasional offerings of cash management bills show that market participants frequently bid at inefficient rates. However, they are more likely to bid at efficient rates than chance would suggest.en_US
dc.language.isoengen_US
dc.publisherFederal Reserve Bank of New York New York, NYen_US
dc.relation.ispartofseriesStaff Report, Federal Reserve Bank of New York 184en_US
dc.subject.jelG14en_US
dc.subject.jelH63en_US
dc.subject.ddc330en_US
dc.subject.stwSchatzpapieren_US
dc.subject.stwAuktionen_US
dc.titleAnomalous bidding in short-term treasury bill auctionsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn389506419en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Staff Reports, Federal Reserve Bank of New York

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