Vol. 82, No. 4
Fourth Quarter 1997
Treasury Auctions: What Do the Recent Models and Results Tell Us?
This article explains Treasury auctions in light of recent theoretical research and related empirical evidence.
Movements in the Term Structure of Interest Rates
Robert R. Bliss
This article reviews and extends previous studies showing that term structure movements can be decomposed into three components—changes in the general level of interest rates, changes in the slope of the term structure, and changes in the curvature of the term structure.
The Insider Trading Debate
Jie Hu and Thomas H. Noe
The authors of this article explore the sources of the insider trading controversy and suggest a road map for blending the divergent scholarly opinions into a policy framework for regulating insider trading.
Financial Development and Growth
Zsolt Becsi and Ping Wang
This article provides an illustrative model that is meant to capture current thinking about the ways in which financial intermediaries affect growth.