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Recent innovations in Treasury cash management


  • Kenneth D. Garbade
  • John C. Partlan
  • Paul J. Santoro


The Treasury Tax and Loan program, a joint undertaking of the Treasury and the Federal Reserve, is designed to manage federal tax receipts and stabilize the supply of reserves in the banking system. Three recent innovations-electronic collection of business taxes, real-time investment of excess Treasury balances, and competitive bidding for Treasury deposits-have materially enhanced the ability of the two agencies to achieve these objectives.

Suggested Citation

  • Kenneth D. Garbade & John C. Partlan & Paul J. Santoro, 2004. "Recent innovations in Treasury cash management," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 10(Nov).
  • Handle: RePEc:fip:fednci:y:2004:i:nov:n:v.10no.11

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    References listed on IDEAS

    1. Eric French & Thomas H. Klier & David B. Oppedahl, 2002. "Is there still an investment overhang, and if so, should we worry about it?," Chicago Fed Letter, Federal Reserve Bank of Chicago, issue May.
    2. Kevin J. Stiroh, 2001. "What drives productivity growth?," Economic Policy Review, Federal Reserve Bank of New York, issue Mar, pages 37-59.
    3. Kevin L. Kliesen, 2003. "Was Y2K behind the business investment boom and bust?," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 31-42.
    4. Kevin J. Stiroh & Dale W. Jorgenson, 1999. "Information Technology and Growth," American Economic Review, American Economic Association, vol. 89(2), pages 109-115, May.
    5. Karl Whelan, 2000. "A guide to the use of chain aggregated NIPA data," Finance and Economics Discussion Series 2000-35, Board of Governors of the Federal Reserve System (U.S.).
    6. Charles Steindel, 1995. "Chain-weighting: the new approach to measuring GDP," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 1(Dec).
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    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Friedman, Benjamin M. & Kuttner, Kenneth N., 2010. "Implementation of Monetary Policy: How Do Central Banks Set Interest Rates?," Handbook of Monetary Economics,in: Benjamin M. Friedman & Michael Woodford (ed.), Handbook of Monetary Economics, edition 1, volume 3, chapter 24, pages 1345-1438 Elsevier.
    2. Israel Fainboim Yaker & Sailendra Pattanayak, 2010. "Treasury Single Account; Concept, Design and Implementation Issues," IMF Working Papers 10/143, International Monetary Fund.
    3. Kenneth D. Garbade, 2007. "The emergence of "regular and predictable" as a Treasury debt management strategy," Economic Policy Review, Federal Reserve Bank of New York, issue Mar, pages 53-71.
    4. Paul J. Santoro, 2012. "The evolution of Treasury cash management during the financial crisis," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 18(Apr).
    5. Kenneth D. Garbade & Matthew Rutherford, 2007. "Buybacks in Treasury cash and debt management," Staff Reports 304, Federal Reserve Bank of New York.


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