Money Market Calculations
The money market is the market for short-term debt instruments. Short-term debt is traditionally defined as having original maturities of one year or less. Some of these instruments are interest bearing while others are discount instruments. Moreover, many of these securities calculate interest based on a 360-day year while others use a 365-day year. There are some essential money market calculations including day count conventions and basic formulas of price/yield one needs to know to understand how the money market works. 
 
 
Keywords: 
 
day count convention; 
day count basis; 
actual/actual; 
actual/360; 
30/360; 
yield on a bank discount basis; 
CD equivalent yield; 
bond-equivalent yield; 
effective annual yield
State Taxes and Reserve Requirements as Major Determinants of Yield Spreads among Money Market Instruments
Abstract Empirical studies and much marketplace opinion have it that the spread between private money market rates and the U.S. Treasury bill rate of comparable maturity is due to differential default risk, liquidity risk, and relative supplies. This paper presents an argument and empirical evidence that the bulk of the systematic and medium-term differential between privates rates—in this case, domestic CDs, commercial paper, bankers' acceptances, and Eurodollar CDs—and the T-bill rate is due to the exemption of interest on Treasury securities from state and local taxation. In the case of Eurodollar CDs, the additional and major systematic factor explaining the spread (vis a vis T-bills) is the exemption of Eurodollar CDs from the Federal Reserve's “tax” via reserve requirements. An empirical section confirms the role of standard default risk, liquidity risk, and market “absorption” variables in determining short-term deviations from tax-adjusted parity. The taxadjusted parity condition, however, remains the major systematic and medium-term determinant—certainly more important than has been suggested previously in the literature.
Broadcasting Freedom: Radio, War, and the Politics of Race, 1938-1948
The World War II era represented the golden age of radio as a broadcast medium in the United States; it also witnessed a rise in African-American activism against racial segregation and discrimination, especially as they were practised by the federal government itself. In this study, the author links these cultural and political forces by showing how African-American activists, public officials, intellectuals, and artists sought to access and use radio to influence a national debate about racial inequality. Drawing on a body of national public affairs programming about African-Americans and race relations, the author uses these radio shows to demonstrate the emergence of a new national discourse about race and ethnicity, racial hatred and injustice, and the contribution of racial and immigrant populations to the development of the United States. These programmes, Savage contends, challenged the nation to reconcile its professed egalitarian ideals with its unjust treatment of black Americans and other minorities. This examination of radio's treatment of race as a national political issue also provides important evidence that the campaigns for racial justice in the 1940s served as an essential, and still overlooked, precursor to the civil rights campaigns of the 1950s and 1960s, Savage argues. The next battleground would be in the South, and on television.