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1 results

  • 30 - Open Market Operations in the 1970s

  • from Part VIII - The 1970s
  • Kenneth D. Garbade
  • Book:
    After the Accord
    Published online:
    14 January 2021
    Print publication:
    04 February 2021, pp 475-492

  • Summary

    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.