Does Urgency Affect Price at Market? An Analysis of U.S. Treasury Short-Term Finance
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.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 38 (2006)
Issue (Month): 4 (June)
|Contact details of provider:|| Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879|
When requesting a correction, please mention this item's handle: RePEc:mcb:jmoncb:v:38:y:2006:i:4:p:989-1012. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing)or (Christopher F. Baum)
If references are entirely missing, you can add them using this form.