After the Accord: A History of Federal Reserve Open Market Operations, the US Government Securities Market, and Treasury Debt Management from 1951 to [Hardcover]

A contribution to the history of the institutional evolution of the market that finances the US government in war and peace.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.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.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. lcU