Foreword. The many varieties of dealer; 1. Introduction; Part I. The Sytem and the Market in the 1940s: 2. The government securities market; 3. Reserves, reserve requirements, and reserves management; 4. The institutional framework of open market operations; Part II. The Accord and its Aftermath: 5. The accord; 6. Taking stock; 7. New directions; 8. Challenging the new restrictions; 9. An additional limitation on the conduct of open market operations; Part III. The New Regime: 10. Monetary policy in 1954; 11. Policy instruments for reserves management; 12. Monetary policy in 1955; 13. Pragmatism in the accommodation of Treasury offerings; 14. 1956 and 1957; Part IV. Summer 1958 and its Consequences: 15. The summer 1958 Treasury financings; 16. Innovations in Treasury debt management; 17. The Treasury-Federal reserve stuy of the government securities market; Part V. The End of Bills Preferably: 18. The 1958-1960 gold drain; 19. Operation twist; Part VI. The Sixties: 20. Treasury debt management in the 1960s; 21. Monetary policy in the 1960s; 22. Repurchase agreements in the 1960s; Part VII. Updating Market Infrastructures – The Joint Study: 23. The association of primary dealers; 24. Dealer finance; 25. The government securities clearing arrangement; 26. Securities lending; 27. The book-entry system, Part I; Part VIII. The Seventies: 28. Treasury debt management in the 1970s; 29. Monetary policy in the 1970s; 30. Open market operations in the 1970s; Part IX. Infrastructure in the Seventies: 31. The secondary market in the 1970s; 32. The book-entry system, Part II; 33. Coda; 34. After 1979.
A contribution to the history of the institutional evolution of the market that finances the US government in war and peace.
Kenneth D. Garbade is a retired economist, formerly working at the Federal Reserve Bank of New York. He has been a Professor of Economics and Finance in the Graduate School of Business Administration at New York University, and a Managing Director at Bankers Trust Company working in the primary dealer department for US Treasury securities. He is the author of Fixed Income Analytics (1996), Birth of a Market: The US Treasury Securities Market from the Great War to the Great Depression (2012), and Treasury Debt Management under the Rubric of Regular and Predictable Issuance: 1983-2012 (2015).
'After the Accord brings to life the critical transition of the US
Treasury market from war time controls to an essential cornerstone
of private financial markets then and now. In this deeply
researched history, Mr. Garbade captures the effort to develop
institutions and procedures compatible with a free market in
Treasury debt. As the world looks forward to $1 trillion deficits,
policy makers and financial market practitioners are well served to
be reminded that the integrity of America's government debt was
hard earned and can be readily lost.' Paul Volcker, Former
Secretary of the Treasury for Monetary Affairs, President of the
Federal Reserve Bank of New and Chairman of the Board of Governors
of the Federal Reserve System
'Ken Garbade has done it again. An authoritative treatment of an
important topic, this book explains how the Federal Reserve
nurtured the U.S. Treasury securities market into the cornerstone
of the world's financial system. Read it for a deep understanding
of, and guideline to, the most liquid market in the world. It is a
gem.' William L. Silber, Senior Advisor, Cornerstone Research,
Former Marcus Nadler Professor of Finance and Economics, NYU Stern
School of Business
'The relationship between Treasury debt management and Fed
operations was thrust into the spotlight by the Global Financial
crisis a decade ago, and remains there today due to the response to
the coronavirus pandemic. However, that relationship has a long
history. The Fed may enjoy a degree of independence at the policy
level, but there is a natural interdependence between the Fed and
Treasury at the operational level. Drawing on his unrivalled
knowledge of the two institutions, Kenneth Garbade traces the
history of that interdependence over a 30-year period in which the
modern foundations of debt management and open market operations
took shape.' Lou Crandall, Chief Economist, Wrightson ICAP
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