After the Accord

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 forc...

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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.

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 Analy...

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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).

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
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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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