The view that modest alterations to monetary policy have vast consequences for national economies would seem to be inconsistent with theory and evidence. Most modern economic models (represented authoritatively by Woodford 2005) offer limited scope for policy surprises. The basic logic is that...

From 1976 to 1980, the International Monetary Fund sold by sealed-bid auctions one-fifth of its gold stock and systematically experimented with auction format. Based on data from these auctions, this paper uses nonlinear estimation techniques to estimate demand curves under the alternative...

This paper evaluates the importance of auction format on bidding behavior and seller revenue, focusing on differences in performance under uniform-price and discriminatory-price formats. The analysis is based on a standard benchmark model from which empirically-testable hypotheses are derived on...

This paper explores the menu of options for renormalizing public debt levels relative to nominal activity in the long run, should governments eventually decide to do so. Orthodox ones for medium-term debt stabilization, the standard fare of officialdom, include enhancing growth, running primary...

As recently as early 1994, market participants had to infer the stance of U.S. monetary policy according to the type and size of the open market operations conducted by the Federal Reserve's Trading Desk. Thus, investors were exposed to uncertainty about both the timing and the motivation for...