Are Larger Treasury Issues More Liquid? Evidence from Bill Reopenings

Abstract

The article presents the author's comments on the report "Are Larger Treasury Issues More Liquid? Evidence From Bill Reopenings," by Michael J. Fleming, included within the issue. The theoretical basis, methodology, and empirical findings used by Fleming are summarized and further comments are given highlighting their implications and rationales. Additional discussion is also given suggesting future extensions of the research and its application by the Treasury department to save on interest payment planning.