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financial markets. Three of these temporary programs relied on an auction mechanism: the Term Auction Facility, the Term …
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This paper describes the evolution of Federal Reserve participation in public Treasury offerings. It covers the pre-1935 period, when the Fed participated on an equal footing with other investors in exchange offerings priced by Treasury officials, to its present-day practice of reinvesting the...
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generate highly-significant auction cycles in other countries. Auction cycles can have a non-negligible effect on debt …-servicing costs, but these may be contained by concentrating debt issuance in tranquil periods, and by coordinating auction calendars … among countries, so as to maximize the dispersion of auction activity in time …
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