We compare auction revenues from discriminatory auctions and uniform price auctions in the case of the Korean treasury bonds auction market. For this purpose, we employ detailed bidder level data for each of 16 discriminatory auctions recently carried out in Korea. We first theoretically recover...

This paper analyzes the optimal choice of the length of time over which the monetary authority targets money growth, in a setting where the monetary authority’s lack of credibility potentially gives rise to an inflationary bias. When the monetary authority has some private information-e.g. a...