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, Federal Reserve Bank of New York.

Includes bibliographical references and index.

"Describes how the Fed and the Treasury fashioned the instruments, facilities, and procedures needed to advance their respective policy objectives in the context of a free market for Treasury debt following the end of World War II. Describes how open market operations evolved from little more than buying whatever securities were offered at yields above prescribed wartime ceilings to the dynamic management of bank reserves and money market conditions. Also descirbes how Treasury debt management evolved from selling coupon-bearing securities in fixed-price subscription offerings to regular and predictable auction offerings. Finally, describes how the Fed came to take a leading role in mapping out the evolution of Treasury market infrastructures, including book-entry securities, securities lending, and secondary market governance"-- Provided by publisher.