Search Results
Working Paper
Bubbles as payoffs at infinity
We define rational bubbles to be securities with payoffs occurring in the infinitely distant future and investigate the behavior of bubble values. We extend our analysis to a setting of uncertainty. In an infinite-horizon arbitrage-free model of asset prices, we interpret the money market account as the value of a particular bubble; a similar interpretation holds for other assets related to the state-price deflator and to payoffs on bonds maturing in the distant future. We present three applications of this characterization of bubbles.
Monograph
Treasury bills
Journal Article
The monetary and credit situation
Journal Article
Treasury bill versus private money market yield curves
An abstract for this article is not available
Journal Article
Recent developments in the bankers acceptance market
Journal Article
A weekly rational expectations model of the nonborrowed reserve operating procedure
An abstract for this article is not available
Journal Article
Treasury finance and the money market
Journal Article
Behind the money market: clearing and settling money market instruments
When a money market instrument is traded, the clearing and settlement process establishes the change in ownership. Because the process involves both costs and risks, money market participants have developed means of making clearing and settlement more efficient and less risky.
Working Paper
Determinants of the spread between Treasury bill and private sector money market rates
The purpose of this paper is to explore the reasons underlying the variable and sometimes very large differentials between United States Treasury bill rates and private sector U.S. money market rates of comparable maturity.