We 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...

Remarks at the ACI 2010 World Congress, Sydney, Australia.

Remarks at 2010 CFA Institute Fixed Income Management Conference, Newport Beach, California.

Remarks before the Morris County Chamber of Commerce, Florham Park, New Jersey.

Remarks at New York University's Stern School of Business, New York City.

Remarks at the Annual Meeting with Primary Dealers, New York City.

Remarks at the Forecasters Club of New York, New York City.