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3 results

  • 33 - Coda

  • from Part IX - Infrastructure in the 1970s
  • Kenneth D. Garbade
  • Book:
    After the Accord
    Published online:
    14 January 2021
    Print publication:
    04 February 2021, pp 513-522

  • Summary

    Summarizes the institutional evolution of Federal Reserve open market operations, the U.S. government securities market, and Treasury debt management from 1951 to 1979.

  • 3 - Reserves, Reserve Requirements, and Reserves Management

  • from Part I - The System and the Market in the 1940s
  • Kenneth D. Garbade
  • Book:
    After the Accord
    Published online:
    14 January 2021
    Print publication:
    04 February 2021, pp 30-48

  • Summary

    Describes the institutional framework of reserves management, including reserve requirements, sources of bank reserves, the inter-bank Federal funds market, the management of aggregate reserves by Federal Reserve officials, and the limits to reserves management that resulted from wartime and postwar controls on interest rates.

  • 30 - Open Market Operations in the 1970s

  • from Part VIII - The 1970s
  • Kenneth D. Garbade
  • Book:
    After the Accord
    Published online:
    14 January 2021
    Print publication:
    04 February 2021, pp 475-492

  • Summary

    Describes the increasingly complicated operating environment of open market operations and the continuing problem with secondary market liquidity (as dealers became reluctant to carry large positions in the face of historically high and volatile interest rates). The FOMC responded by introducing repo auctions, by expanding the universe of dealers allowed to enter into System repurchase agreements, and by combining outright purchases with matched sale-purchase agreements when dealer inventories were low and the repo market became illiquid.