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
- Part III The New Regime
- Part IV Summer 1958 and Its Consequences
- Part V The End of Bills Preferably
- Contents
- 18 The 1958–1960 Gold Drain
- 19 Operation Twist
- Part VI The 1960s
- Part VII Updating Market Infrastructures
- Part VIII The 1970s
- Part IX Infrastructure in the 1970s
- References
- Index
18 - The 1958–1960 Gold Drain
from Part V - The End of Bills Preferably
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
- Part III The New Regime
- Part IV Summer 1958 and Its Consequences
- Part V The End of Bills Preferably
- Contents
- 18 The 1958–1960 Gold Drain
- 19 Operation Twist
- Part VI The 1960s
- Part VII Updating Market Infrastructures
- Part VIII The 1970s
- Part IX Infrastructure in the 1970s
- References
- Index
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.
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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. 271 - 287Publisher: Cambridge University PressPrint publication year: 2021