Since January 2014, the U.S. Treasury has been issuing floating rate notes (FRNs). These notes pay quarterly interest based on an average of the constant maturity rates of newly issued three-month T-bills during the quarter. We show how to price such FRNs. We estimate that they have been paying excess interest between 3 and 42 basis points above the implied interest of other Treasury securities. We interpret this fact through the lens of a model where money-like assets differ in their degrees of moneyness. Additional empirical evidence supports this interpretation.

中文翻译：

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美国国债浮动利率票据的定价

自2014年1月起，美国财政部开始发行浮动利率票据（FRN）。这些票据根据当季新发行的三个月期国库券的固定到期利率的平均值按季度支付利息。我们展示了如何为此类 FRN 定价。我们估计，他们支付的超额利息比其他国债的隐含利息高出 3 到 42 个基点。我们通过模型的视角来解释这一事实，在该模型中，类货币资产的货币性程度有所不同。其他经验证据支持这一解释。