After the Accord

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).

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.