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Primary Dealers’ Waning Role in Treasury Auctions

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Abstract

In this post, we quantify the macroeconomic effects of central bank announcements about future federal funds rates, or forward guidance. We estimate that a commitment to lowering future rates below market expectations can have fairly strong effects on real economic activity with only small effects on inflation.

Suggested Citation

  • Michael J. Fleming & Sean Myers, 2013. "Primary Dealers’ Waning Role in Treasury Auctions," Liberty Street Economics 20130220, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:86857
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    File URL: https://libertystreeteconomics.newyorkfed.org/2013/02/primary-dealers-waning-role-in-treasury-auctions.html
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    Cited by:

    1. He, Zhiguo & Nagel, Stefan & Song, Zhaogang, 2022. "Treasury inconvenience yields during the COVID-19 crisis," Journal of Financial Economics, Elsevier, vol. 143(1), pages 57-79.

    More about this item

    Keywords

    Auctions; Treasury securities; primary dealers;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets

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