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...

This paper examines whether large-scale asset purchases (LSAPs) by the Federal Reserve influenced capital flows out of the United States and into emerging market economies (EMEs) and also analyzes the degree of pass-through from long-term U.S. government bond yields to long-term EME bond yields....

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.