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26946 results in Economic history

Page 130 of 1348

  • 18 - The 1958–1960 Gold Drain

  • from Part V - The End of Bills Preferably
  • Kenneth D. Garbade
  • Book:
    After the Accord
    Published online:
    14 January 2021
    Print publication:
    04 February 2021, pp 271-287

  • Summary

    Describes the postwar revival of the international gold market, the drain of Treasury gold reserves at the end of the 1950s, the place of gold in FOMC deliberations, and the conflict between keeping Treasury yields high enough to preserve the attraction of Treasury securities for foreign central banks and low enough to promote growth of the domestic economy.

  • 25 - The Government Securities Clearing Arrangement

  • from Part VII - Updating Market Infrastructures
  • Kenneth D. Garbade
  • Book:
    After the Accord
    Published online:
    14 January 2021
    Print publication:
    04 February 2021, pp 387-399

  • Summary

    Describes efforts of the Federal Reserve Bank of New York to reduce operating costs and enhance liquidity in the market for Treasury securities. A forerunner to the book-entry system, the Government Securities Clearing Arrangement provided for intraday netting of receipts and deliveries of Treasury securities by the major New York clearing banks.

  • 3 - Reserves, Reserve Requirements, and Reserves Management

  • from Part I - The System and the Market in the 1940s
  • Kenneth D. Garbade
  • Book:
    After the Accord
    Published online:
    14 January 2021
    Print publication:
    04 February 2021, pp 30-48

  • Summary

    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.

  • 14 - 1956 and 1957

  • from Part III - The New Regime
  • Kenneth D. Garbade
  • Book:
    After the Accord
    Published online:
    14 January 2021
    Print publication:
    04 February 2021, pp 195-212

  • Summary

    Reviews the further development of defensive repo operations and the Committee’s continuing struggle with supporting Treasury offerings priced at market. After one particularly troubled offering, in May 1957, the Secretary of the Treasury threatened to undertake what would have been, for all intents and purposes, Treasury operations aimed at managing bank reserves. The threat passed but the memory lingered as a reminder that the Treasury was not without resources.

  • 28 - Treasury Debt Management 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 425-457

  • Summary

    Describes the circumstances that prompted the introduction of Treasury note and bond auctions in 1970 and the gradual introduction of regular and predictable offerings of coupon-bearing debt beginning in 1972. Elimination of fixed-price offerings allowed the FOMC to terminate the practice of “even keeling.”

  • 8 - Challenging the New Restrictions

  • from Part II - The Accord and Its Aftermath
  • Kenneth D. Garbade
  • Book:
    After the Accord
    Published online:
    14 January 2021
    Print publication:
    04 February 2021, pp 107-124

  • Summary

    Describes the efforts of Allan Sproul, president of the Federal Reserve Bank of New York, to weaken the operating restrictions imposed in March 1953, Sproul’s initial success following a break in the bill market in late May, and his ultimate failure when FOMC members decided to retain in their own hands (rather than delegate to the manager of the Open Market Account) the authority to breach the restrictions.

  • 24 - Dealer Finance

  • from Part VII - Updating Market Infrastructures
  • Kenneth D. Garbade
  • Book:
    After the Accord
    Published online:
    14 January 2021
    Print publication:
    04 February 2021, pp 380-386

  • Summary

    Recounts the debate during meetings of the Joint Study steering committee about whether the Federal Reserve should, in the interest of promoting market liquidity, make it easier for dealers to obtain financing to purchase and carry Treasury securities.

Page 130 of 1348