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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.

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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31 - The Secondary Market in the 1970s

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After the Accord

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31 - The Secondary Market in the 1970s

Summary

After the Accord