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Origins of the use of Treasury debt in open market operations: lessons for the present

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  • David Marshall
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    Abstract

    The Federal Reserve currently conducts open market operations primarily in Treasury securities. It has not always done so. In its earliest years, the Fed conducted open market operations primarily in private securities, such as bankers' acceptances. The Fed's choice of instruments was based both on economic doctrine and to help foster a liquid secondary market in these securities. The move to reliance on Treasury securities resulted from changes in the financial markets and the prevailing economic doctrine. These historical antecedents may have relevance for current problems facing the Federal Reserve.

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    File URL: http://www.chicagofed.org/digital_assets/publications/economic_perspectives/2002/1qepart5.pdf
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    Bibliographic Info

    Article provided by Federal Reserve Bank of Chicago in its journal Economic Perspectives.

    Volume (Year): (2002)
    Issue (Month): Q I ()
    Pages: 45-54

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    Handle: RePEc:fip:fedhep:y:2002:i:qi:p:45-54:n:v.26no.1

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    Keywords: Federal Reserve banks ; Open market operations ; Debt;

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    1. Alfred Broaddus, Jr. & Marvin Goodfriend, 2001. "What assets should the Federal Reserve buy?," Economic Quarterly, Federal Reserve Bank of Richmond, issue Win, pages 7-22.
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    Cited by:
    1. Selgin, George & Lastrapes, William D. & White, Lawrence H., 2012. "Has the Fed been a failure?," Journal of Macroeconomics, Elsevier, vol. 34(3), pages 569-596.

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