This paper examines empirical issues on asymmetric effects of government spending. Increases in government spending under low real interest rates are not associated with the same increases in future tax liabilities as those under high real interest rates. Consequently, the negative impact from...

We compare auction revenues from discriminatory auctions and uniform price auctions in the case of the Korean treasury bonds auction market. For this purpose, we employ detailed bidder level data for each of 16 discriminatory auctions recently carried out in Korea. We first theoretically recover...