Recent Innovations in Treasury Cash Management

12 Pages Posted: 3 Dec 2004

See all articles by Kenneth Garbade

Kenneth Garbade

Federal Reserve Bank of New York

John Partlan

Federal Reserve Bank of New York

John Santoro

affiliation not provided to SSRN

Abstract

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.

Keywords: cash management, auctions, payments, reserves management, monetary policy

JEL Classification: E58, G28, H63

Suggested Citation

Garbade, Kenneth and Partlan, John and Santoro, John, Recent Innovations in Treasury Cash Management. Available at SSRN: https://ssrn.com/abstract=628542

Kenneth Garbade (Contact Author)

Federal Reserve Bank of New York ( email )

33 Liberty Street
New York, NY 10045
United States

John Partlan

Federal Reserve Bank of New York ( email )

33 Liberty Street
New York, NY 10045
United States

John Santoro

affiliation not provided to SSRN

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