Title After the accord : a history of Federal Reserve open market operations, the US government securities market, and Treasury debt management from 1951 to 1979 / Kenneth D. Garbade

Published Cambridge, United Kingdom ; New York, NY : Cambridge University Press, 2021 ©2021

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Description 1 online resource (xxxii, 569 pages) : illustrations Series Studies in macroeconomic history Studies in macroeconomic history. Contents Part I. The system and the market in the 1940s -- Part II. The Accord and its aftermath -- Part III. The new regime -- Part IV. Summer 1958 and its consequences -- Part V. The end of bills preferably -- Part VI. The 1960s -- Part VII. Updating market infrastructures : the Joint Study -- Part VIII. The 1970s -- Part IX. Infrastructure in the 1970s Summary "Describes how the Fed and the Treasury fashioned the instruments, facilities, and procedures needed to advance their respective policy objectives in the context of a free market for Treasury debt following the end of World War II. Describes how open market operations evolved from little more than buying whatever securities were offered at yields above prescribed wartime ceilings to the dynamic management of bank reserves and money market conditions. Also descirbes how Treasury debt management evolved from selling coupon-bearing securities in fixed-price subscription offerings to regular and predictable auction offerings. Finally, describes how the Fed came to take a leading role in mapping out the evolution of Treasury market infrastructures, including book-entry securities, securities lending, and secondary market governance"-- Provided by publisher Bibliography Includes bibliographical references and index Notes Kenneth D. Garbade is Senior Vice President, Money and Payments Studies Function, Research and Statistics Group, at the Federal Reserve Bank of New York. He is the author of Fixed Income Analytics (1996), Pricing Corporate Securities as Contingent Claims (2001), both published by the MIT Press, and other books Print version record Subject United States. Federal Reserve Board. United States. Department of the Treasury. SUBJECT United States. Department of the Treasury fast United States. Federal Reserve Board fast Subject Open market operations -- United States -- History -- 20th century Monetary policy -- United States -- History -- 20th century Finance -- Government policy -- United States -- History -- 20th century Government securities -- United States -- History -- 20th century Finance -- Government policy Government securities Monetary policy Open market operations United States Genre/Form History Form Electronic book LC no. 2020022766 ISBN 9781108881173 1108881173 9781108885386 1108885381

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