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