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Figure 1: Development of Government Bond Yields in Europe, 1993-2006 24681012Interest rate 1992m1 1994m1 1996m1 1998m1 2000m1 2002m1 2004m1 2006m1 2008m1 Period Austria Belgium Germany Spain Finland Netherlands
Table 1: Summary statistics
Figure 2: Number of Bidders (top panel) and Winning Bidders (bottom panel) 1015202530Number of Bidders 1991m1 1993m1 1995m1 1997m1 1999m1 2001m1 2003m1 2005m1 2007m1 Order of Auctions 510152025
Figure 3 shows 100 randomly drawn residual supply curves and the demand curve of bidder 35 in auction 21
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