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4 results

  • 19 - Operation Twist

  • from Part V - The End of Bills Preferably
  • Kenneth D. Garbade
  • Book:
    After the Accord
    Published online:
    14 January 2021
    Print publication:
    04 February 2021, pp 288-316

  • Summary

    Examines the February 1961 decision of the FOMC to undertake purchases of intermediate- and long-term notes and bonds with the intent of keeping reserves readily available and perhaps lowering longer-term interest rates – thus marking the end of “bills preferably” – even while putting a floor under bill rates.

  • 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.

  • 1 - Introduction

  • Kenneth D. Garbade
  • Book:
    After the Accord
    Published online:
    14 January 2021
    Print publication:
    04 February 2021, pp 1-6

  • 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.

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 online:
    14 January 2021
    Print publication:
    04 February 2021
  • 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.