text: 17 pages / 138 kb
  Garbade also points to the broader implications of the Treasury's efforts. He explains that the mere prospect of greater efficiency may not effect change that requires many actors to alter familiar behavior patterns; change can also depend on following a path that facilitates learning and implementation of new patterns. According to the author, the Treasury accomplished its objectives in the early 1970s because it enabled dealers to learn gradually about how to participate in note and bond auctions, and because it too was willing to learn from experience.