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31 - The Secondary Market in the 1970s
from Part IX - Infrastructure in the 1970s
Kenneth D. Garbade
Book:

After the Accord

Published online:

14 January 2021

Print publication:

04 February 2021, pp 495-504
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Summary

Describes the growth of the primary dealer community in the 1970s, the development of standards for acceptance as a primary dealer, the growth of the inter-dealer broker market, and the advent of screen brokers.

4 - The Institutional Framework of Open Market Operations
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 49-72
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Summary

Describes the prewar and wartime evolution of primary dealers and the supervision of those dealers by the Federal Reserve Bank of New York and the FOMC.

7 - New Directions
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 99-106
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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.

A History of Federal Reserve Open Market Operations, the US Government Securities Market, and Treasury Debt Management from 1951 to 1979
Kenneth D. Garbade
Published online:

14 January 2021

Print publication:

04 February 2021
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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.

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