Die nationalen und internationalen Bildungsmärkte befinden sich seit einigen Jahrenin einem tiefgreifenden Umbruch. Als Folge der verfehlten Bildungspolitik der 70erJahre haben deutsche staatliche Universitäten an Attraktivität und internationalerWettbewerbsfähigkeit stark eingebüßt. Unter...

Die moderne Logistik verzahnt die dezentralen Wertschöpfungsprozesse in Industrie und Handel.Die Planung, Steuerung und Kontrolle der komplexen Lieferbeziehungen bedingt dieKommunikation, Koordination und Kooperation der beteiligten Partner. Logistikdienstleister bieteneinerseits...

[...]Importantly, these studies rely entirely on ex post analysis.In other words, the studies ask, Given the actual inflationoutcome, did the costs of TIPS issuances exceed the costs ofnominal Treasury issuances of similar durations? Thisapproach depends on the actual inflation outcome, which...

[...]This article investigates whether changes in the termpremium tend to distort the term spread’s recession signals.3We begin by decomposing the term spread into an expectationscomponent and a term premium component, based on the Kimand Wright (2005) term premium estimates. Next, we...

[...]This article examines the U.S. Treasury’s decision tointroduce a new financial instrument—Treasury bills—in1929. We show that Treasury officials were willing to committhe resources required to introduce the new security in orderto mitigate several flaws in the structure of Treasury...

[...]A key finding of our work is that for small auction sizes,TIO interest rates are fairly comparable to MBS repo rates forterm lengths of five days or more. However, shorter termlengths result in the Treasury receiving lower TIO rates relativeto market rates. We also observe a negative...

[...]This article examines why, during the 1970s, Treasuryofficials changed the framework within which they made their debt management decisions. We show that the Treasuryfinanced an unusually rapid expansion of the deficit in 1975with a flurry of tactical offerings. The offerings disrupted...

[...]This article examines the origins and early development ofthe Federal Reserve’s book-entry system—the system mostclosely associated with the elimination of definitive, orcertificated, Treasury securities. We suggest that the Fed’ssystem was the product of three important factors: the...

[...]This article examines the introduction of regular auctionofferings of Treasury notes and bonds in the early 1970s. We donot take issue with the conventional wisdom that auctions aremore efficient and less costly than fixed-price offerings. Rather,we seek to identify why the Treasury twice...

[...]This article describes the U.S. experience with inflationindexeddebt, including the evolution of activity in the TIISmarket since its inception and the valuation of those securitiesrelative to nominal Treasury issues. We show that despite thepotential appeal of TIIS, their yields have been...