Financial Market Responses to Treasury Debt Announcements: Note
研究1982-85年美国国债发行公告对利率的影响，发现常规公告影响微弱，但现金管理票据等非常规公告会引发显著市场反应。
This paper considers the effect of U.S. Treasury debt announcements on interest rates from 1982-85. The analysis measures the announcement's expected component in two ways: the reported market "expected" announcements from the credit markets column of the Wall Street Journal just prior to the announcements, and time series techniques. Rate response to regular announcements of all maturity classes of Treasury debt appear negligible, reflecting the Treasury's ongoing efforts to keep the market informed of future financing needs. However, announcements of cash management bills, an irregular and residual category of Treasury debt, generate significant market responses. Copyright 1989 by Ohio State University Press.