Primary Dealers’ Waning Role in Treasury Auctions

Michael Fleming and Sean Myers

No 20130220, Liberty Street Economics from Federal Reserve Bank of New York

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.

Keywords: Auctions; Treasury securities; primary dealers (search for similar items in EconPapers)
JEL-codes: G1 (search for similar items in EconPapers)
Date: 2013-02-20
New Economics Papers: this item is included in nep-mon
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