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Summary

Sets the stage, previewing how the Accord of March 3, 1951, produced a sharp break in the conduct of open market and Treasury debt management operations and how institutional practices like “bills preferably,” the active use of repurchase agreements in open market operations, the extension of open market operations to coupon-bearing debt, and the advent of regular and predictable auction sales of coupon-bearing debt came about during the next quarter century.

In this book Garbade, a former analyst at a primary dealer and researcher at the Federal Reserve Bank of New York, traces the evolution of open market operations, Treasury debt management, and the microstructure of the US government securities markets following the 1951 Treasury-Federal Reserve. This volume examines how these operations evolved, responding both to external forces and to one another. Utilising a vast scope of primary material, the work provides insight into how officials fashioned the instruments, facilities, and procedures needed to advance their policy objectives in light of their novel freedoms and responsibilities. Students and scholars of macroeconomics, financial regulation, and the history of central banking and the Federal Reserve will find this volume a welcome addition to Garbade's earlier studies of Treasury debt operations during World War I, the 1920s, and the Great Depression and since 1983.

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1 - Introduction

Summary

After the Accord

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2 results

1 - Introduction

Summary

After the Accord