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Why the U.S. Treasury Began Auctioning Treasury Bills in 1929: A Reprint from the “Economic Policy Review”
Explains that the Treasury began auctioning bills

Our Price: $10.00
By Kenneth D. Garbade (au)
Year: 2008
Pages: 16
Binding Paperback

Product Code: 1437909477

Explains that the Treasury began auctioning bills to mitigate flaws in the structure of its financing operations that had become apparent during the 1920s. The flaws included the underpricing of new issues to limit the risk of a failed offering; borrowing in advance of actual requirements, resulting in negative carry on Treasury cash balances at commercial banks; and the redemption of maturing issues in advance of tax receipts, resulting in short-term borrowings from Federal Reserve Banks that sometimes led to transient fluctuations in reserves available to the banking system and undesirable volatility in overnight interest rates. Tables and graphs.

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