After the Accord A History of Federal Reserve Open Market Operations, the US Government Securities Market, and Treasury Debt Management from 1951 to 1979
Book contents
- After the Accord
- Studies in Macroeconomic History
- After the Accord
- Copyright page
- Dedication
- Contents
- Charts
- Tables
- Boxes
- Foreword
- Acknowledgments
- Treasury Officials
- Federal Reserve Officials
- The Many Varieties of Dealer
- 1 Introduction
- Part I The System and the Market in the 1940s
- Part II The Accord and Its Aftermath
- Contents
- 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
- Part IV Summer 1958 and Its Consequences
- Part V The End of Bills Preferably
- Part VI The 1960s
- Part VII Updating Market Infrastructures
- Part VIII The 1970s
- Part IX Infrastructure in the 1970s
- References
- Index
7 - New Directions
from Part II - The Accord and Its Aftermath
Published online by Cambridge University Press: 14 January 2021
Book contents
- After the Accord
- Studies in Macroeconomic History
- After the Accord
- Copyright page
- Dedication
- Contents
- Charts
- Tables
- Boxes
- Foreword
- Acknowledgments
- Treasury Officials
- Federal Reserve Officials
- The Many Varieties of Dealer
- 1 Introduction
- Part I The System and the Market in the 1940s
- Part II The Accord and Its Aftermath
- Contents
- 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
- Part IV Summer 1958 and Its Consequences
- Part V The End of Bills Preferably
- Part VI The 1960s
- Part VII Updating Market Infrastructures
- Part VIII The 1970s
- Part IX Infrastructure in the 1970s
- References
- Index
Summary
Explains the March 1953 decisions of the FOMC regarding the post-Accord execution of monetary policy, including (a) adoption of a policy of “bills preferably” in open market operations, (b) System reluctance to support Treasury offerings of coupon-bearing debt directly with outright purchases, and (c) System support for Treasury offerings with bill purchases.
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- After the AccordA History of Federal Reserve Open Market Operations, the US Government Securities Market, and Treasury Debt Management from 1951 to 1979, pp. 99 - 106Publisher: Cambridge University PressPrint publication year: 2021