Does Urgency Affect Price at Market? An Analysis of U.S. Treasury Short-Term Finance
利用美国财政部内部数据，发现临时发行的现金管理票据收益率高于常规票据，表明紧迫性融资需求导致成本上升，并分析了影响现金管理成本的因素。
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.