Uniform-Price Auctions: Update of the Treasury Experience

摘要

One of the recommendations of the Joint Report on the Government Securities211u001eMarket was that the Treasury consider alternatives to the multiple-price auction 211u001etechnique for auctioning Treasury securities. After an extensive review of the 211u001eissues, the Treasury announced on September 3, 1992, that it would conduct a 211u001euniform-price auction experiment for all auctions of 2-year and 5-year notes. In 211u001eOctober 1995, the Treasury published a study entitled, 'Uniform-price Auctions: 211u001eEvaluation of the Treasury Experience.' (The 1995 Study) This paper is an update 211u001eof the major results presented in that study. It does not include an assessment 211u001eof the performance of inflation-indexed securities, which Treasury began offering 211u001ein January 1997 and are auctioned under a uniform-price format.