After the Accord: A History of Federal Reserve Open Market Operations, the US Government Securities Market, and Treasury Debt Management from 1951 to 1979

Kenneth D. Garbade

doi:10.1017/9781108885386

After the Accord

A History of Federal Reserve Open Market Operations, the US Government Securities Market, and Treasury Debt Management from 1951 to 1979

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Hall, George J. and Sargent, Thomas J. 2022. Three world wars: Fiscal–monetary consequences. Proceedings of the National Academy of Sciences, Vol. 119, Issue. 18,

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van ’t Klooster, Jens 2022. Technocratic Keynesianism: a paradigm shift without legislative change. New Political Economy, Vol. 27, Issue. 5, p. 771.

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Pape, Fabian and Rommerskirchen, Charlotte 2024. Co-working in the collateral factory: analyzing the infrastructural entanglements of public debt management, central banking, and primary dealer systems. Review of International Political Economy, Vol. 31, Issue. 5, p. 1371.

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Barth, Daniel Kahn, R. Jay Monin, Phillip and Sokolinskiy, Oleg 2024. Reaching for Duration and Leverage in the Treasury Market. SSRN Electronic Journal,

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Bateman, Will 2025. The new normal? Central banks as social insurers and reputation-protecting political agents. Finance and Society, Vol. 11, Issue. 1, p. 131.

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Kenneth D. Garbade, Federal Reserve Bank of New York

Publisher:: Cambridge University Press
Online publication date:: January 2021
Print publication year:: 2021
Online ISBN:: 9781108885386
DOI:: 点击下载

Subjects:: Economics, Macroeconomics, Economic Theory, History, Economic History
Series:: Studies in Macroeconomic History

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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.

'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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