Plausibly Exogenous [1846] - Tax Calendar (02/21/2025)

LHS Variable
T-bill spread

RHS Variable
T-bill supply

Source of Exogenous Variation
Tax calendar as instrument for T-bill supply: Treasury’s T-bill issuance follows a predictable seasonal pattern driven by tax payments and refunds

- D’avernas and Vandeweyer (2024), “Treasury Bill Shortages and the Pricing of Short-Term Assets”