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
- Part VI The 1960s
- Contents
- 20 Treasury Debt Management in the 1960s
- 21 Monetary Policy in the 1960s
- 22 Repurchase Agreements in the 1960s
- Part VII Updating Market Infrastructures
- Part VIII The 1970s
- Part IX Infrastructure in the 1970s
- References
- Index
22 - Repurchase Agreements in the 1960s
from Part VI - The 1960s
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
- Part VI The 1960s
- Contents
- 20 Treasury Debt Management in the 1960s
- 21 Monetary Policy in the 1960s
- 22 Repurchase Agreements in the 1960s
- Part VII Updating Market Infrastructures
- Part VIII The 1970s
- Part IX Infrastructure in the 1970s
- References
- Index
Summary
Describes the increasing scale and scope of open market operations as the Open Market Desk at the New York Reserve Bank sought to moderate fluctuations in the Federal funds rate attributable to bank reserves management practices. Innovations in System repo operations included relaxation of the maturity limit on repo collateral, introduction of back-to-back repos (where the Desk financed repo collateral that primary dealers sourced from their customers), introduction of repos on federal agency debt, and the development of matched sale-purchase agreements to drain transient increases in reserves.
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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. 351 - 368Publisher: Cambridge University PressPrint publication year: 2021