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Does Urgency Affect Price at Market? An Analysis of U.S. Treasury Short-Term Finance

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  • Seligman, Jason

Abstract

Like all economic agents government must actively manage its cash position in order to meet obligations. In the U.S., when the short-term cash position is not adequate, Treasury offers bills that are not previously scheduled-Cash Management Bills. Using data from Treasury's proprietary Domestic Finance Database, this paper finds unscheduled bills have consistently higher yields than normally scheduled bills, suggesting the more inelastic demand represented by this type of finance has an impact on costs. Several factors are identified which contribute to the costs of Cash Management for Treasury.

Suggested Citation

  • Seligman, Jason, 2006. "Does Urgency Affect Price at Market? An Analysis of U.S. Treasury Short-Term Finance," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 38(4), pages 989-1012, June.
  • Handle: RePEc:mcb:jmoncb:v:38:y:2006:i:4:p:989-1012
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    File URL: http://dx.doi.org/10.1353/mcb.2006.0062
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    Cited by:

    1. Glasserman, Paul & Sirohi, Amit & Zhang, Allen, 2017. "The effect of “regular and predictable” issuance on Treasury bill financing," Economic Policy Review, Federal Reserve Bank of New York, issue 23-1, pages 43-56.
    2. Warren B. Hrunga & Jason S. Seligman, 2015. "Responses to the Financial Crisis, Treasury Debt, and the Impact on Short-Term Money Markets," International Journal of Central Banking, International Journal of Central Banking, vol. 11(1), pages 151-190, January.
    3. Seth Kopchak, 2014. "The absorption effect of US Treasury auctions," Review of Quantitative Finance and Accounting, Springer, vol. 43(1), pages 21-44, July.

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