The elasticity of commercial bill changes in the yield is the time to maturity.

Name: The elasticity of commercial bill changes in the yield is the time to maturity.
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For a money market security,commercial bill or Treasury note,the elasticity is simply -1.Thus,a 1% increase in (1 + y)will result in a 1% decrease in the security price over a period of d days.See equation 5.8,page 144.

The Elasticity of Commercial Bill Changes in the Yield Is