Origins of the use of Treasury debt in open market operations: lessons for the present
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.
Volume (Year): (2002)
Issue (Month): Q I ()
|Contact details of provider:|| Postal: |
Web page: http://www.chicagofed.org/
More information through EDIRC
|Order Information:|| Web: http://www.chicagofed.org/webpages/publications/print_publication_order_form.cfm Email: |
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Alfred Broaddus & Marvin Goodfriend, 2001. "What assets should the Federal Reserve buy?," Economic Quarterly, Federal Reserve Bank of Richmond, issue Win, pages 7-22.
When requesting a correction, please mention this item's handle: RePEc:fip:fedhep:y:2002:i:qi:p:45-54:n:v.26no.1. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Bernie Flores)
If references are entirely missing, you can add them using this form.