Following the end of World War II and the resumption of peacetime economic activity, the Federal Reserve and the US Treasury had to rebuild the machinery of monetary and debt management operations. This book explains their initial thinking and explores how they reacted to subsequent challenges.
Following the end of World War II and the resumption of peacetime economic activity, the Federal Reserve and the US Treasury had to rebuild the machinery of monetary and debt management operations. This book explains their initial thinking and explores how they reacted to subsequent challenges.
Kenneth D. Garbade is a retired economist, formerly working at the Federal Reserve Bank of New York. He has been a Professor of Economics and Finance in the Graduate School of Business Administration at New York University, and a Managing Director at Bankers Trust Company working in the primary dealer department for US Treasury securities. He is the author of Fixed Income Analytics (1996), Birth of a Market: The US Treasury Securities Market from the Great War to the Great Depression (2012), and Treasury Debt Management under the Rubric of Regular and Predictable Issuance: 1983-2012 (2015).
Inhaltsangabe
Foreword. The many varieties of dealer 1. Introduction Part I. The Sytem and the Market in the 1940s: 2. The government securities market 3. Reserves, reserve requirements, and reserves management 4. The institutional framework of open market operations Part II. The Accord and its Aftermath: 5. The accord 6. Taking stock 7. New directions 8. Challenging the new restrictions 9. An additional limitation on the conduct of open market operations Part III. The New Regime: 10. Monetary policy in 1954 11. Policy instruments for reserves management 12. Monetary policy in 1955 13. Pragmatism in the accommodation of Treasury offerings 14. 1956 and 1957 Part IV. Summer 1958 and its Consequences: 15. The summer 1958 Treasury financings 16. Innovations in Treasury debt management 17. The Treasury-Federal reserve stuy of the government securities market Part V. The End of Bills Preferably: 18. The 1958-1960 gold drain 19. Operation twist Part VI. The Sixties: 20. Treasury debt management in the 1960s 21. Monetary policy in the 1960s 22. Repurchase agreements in the 1960s Part VII. Updating Market Infrastructures - The Joint Study: 23. The association of primary dealers 24. Dealer finance 25. The government securities clearing arrangement 26. Securities lending 27. The book-entry system, Part I Part VIII. The Seventies: 28. Treasury debt management in the 1970s 29. Monetary policy in the 1970s 30. Open market operations in the 1970s Part IX. Infrastructure in the Seventies: 31. The secondary market in the 1970s 32. The book-entry system, Part II 33. Coda 34. After 1979.
Foreword. The many varieties of dealer 1. Introduction Part I. The Sytem and the Market in the 1940s: 2. The government securities market 3. Reserves, reserve requirements, and reserves management 4. The institutional framework of open market operations Part II. The Accord and its Aftermath: 5. The accord 6. Taking stock 7. New directions 8. Challenging the new restrictions 9. An additional limitation on the conduct of open market operations Part III. The New Regime: 10. Monetary policy in 1954 11. Policy instruments for reserves management 12. Monetary policy in 1955 13. Pragmatism in the accommodation of Treasury offerings 14. 1956 and 1957 Part IV. Summer 1958 and its Consequences: 15. The summer 1958 Treasury financings 16. Innovations in Treasury debt management 17. The Treasury-Federal reserve stuy of the government securities market Part V. The End of Bills Preferably: 18. The 1958-1960 gold drain 19. Operation twist Part VI. The Sixties: 20. Treasury debt management in the 1960s 21. Monetary policy in the 1960s 22. Repurchase agreements in the 1960s Part VII. Updating Market Infrastructures - The Joint Study: 23. The association of primary dealers 24. Dealer finance 25. The government securities clearing arrangement 26. Securities lending 27. The book-entry system, Part I Part VIII. The Seventies: 28. Treasury debt management in the 1970s 29. Monetary policy in the 1970s 30. Open market operations in the 1970s Part IX. Infrastructure in the Seventies: 31. The secondary market in the 1970s 32. The book-entry system, Part II 33. Coda 34. After 1979.
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