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Treasury Debt Management during the New Deal

Kenneth D. Garbade

in Birth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression

Published in print:
2012
Published Online:
August 2013
ISBN:
9780262016377
eISBN:
9780262298674
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262016377.003.0019
Subject:
Economics and Finance, Econometrics

This chapter examines Treasury debt management during the New Deal, from the spring of 1933 to mid-1939. Treasury Secretary Morgenthau accomplished two debt management objectives that were most ... More


Treasury Debt Management before World War I

Kenneth D. Garbade

in Birth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression

Published in print:
2012
Published Online:
August 2013
ISBN:
9780262016377
eISBN:
9780262298674
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262016377.003.0003
Subject:
Economics and Finance, Econometrics

This chapter describes the characteristics of Treasury debt and the primary and secondary markets for Treasury bonds in the decades prior to World War I. The market for U.S. Treasury bonds before ... More


Bear Market (1970–81)

Charles R. Geisst

in Wall Street: A History

Published in print:
1999
Published Online:
November 2003
ISBN:
9780195130867
eISBN:
9780199871155
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195130863.003.0011
Subject:
Economics and Finance, Economic History, Financial Economics

Stock market falls in 1970 after Wall Street crisis. War related inflation and high interest rates prevail. Paul Volcker assumes control at Fed. Historically high interest rates. High value of the ... More


Designing the Liberty Loans

Kenneth D. Garbade

in Birth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression

Published in print:
2012
Published Online:
August 2013
ISBN:
9780262016377
eISBN:
9780262298674
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262016377.003.0005
Subject:
Economics and Finance, Econometrics

This chapter examines the five Liberty Loans which financed two-thirds of the cost of American participation in World War I. The contract terms for the five Liberty Loans exhibited a level of ... More


Treasury Cash Management: Certificates of Indebtedness

Kenneth D. Garbade

in Birth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression

Published in print:
2012
Published Online:
August 2013
ISBN:
9780262016377
eISBN:
9780262298674
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262016377.003.0007
Subject:
Economics and Finance, Econometrics

Treasury officials adopted two strategies to ease fluctuations in government balances at the Federal Reserve Banks, which would have otherwise resulted from the immense flows of funds attributable to ... More


The Brief Revival and Subsequent Extinction of National Bank Notes

Kenneth D. Garbade

in Birth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression

Published in print:
2012
Published Online:
August 2013
ISBN:
9780262016377
eISBN:
9780262298674
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262016377.003.0022
Subject:
Economics and Finance, Econometrics

This chapter traces the national bank note program in the 1920s, describes the dramatic, but brief, expansion of the program in 1932, and its final extinction in 1935. The expiration of the ... More


Coda on Treasury Debt Management during World War I

Kenneth D. Garbade

in Birth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression

Published in print:
2012
Published Online:
August 2013
ISBN:
9780262016377
eISBN:
9780262298674
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262016377.003.0010
Subject:
Economics and Finance, Econometrics

This chapter discusses the changes in Treasury debt management that accompanied the wartime growth in debt. These include how the Treasury sold securities, the contractual provisions of Treasury ... More


Revival of the Over-the-Counter Market

Kenneth D. Garbade

in Birth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression

Published in print:
2012
Published Online:
August 2013
ISBN:
9780262016377
eISBN:
9780262298674
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262016377.003.0013
Subject:
Economics and Finance, Econometrics

This chapter describes the evolution of the secondary market for Treasury securities during the 1920s. The first part examines the development of an over-the-counter market for certificates of ... More


Marketing the Liberty Loans

Kenneth D. Garbade

in Birth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression

Published in print:
2012
Published Online:
August 2013
ISBN:
9780262016377
eISBN:
9780262298674
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262016377.003.0006
Subject:
Economics and Finance, Econometrics

This chapter discusses the marketing of Liberty Loans to finance America’s participation in World War I. Treasury Secretary McAdoo not only sold the bonds at market prices or better, he was also able ... More


Treasury Cash Management: War Loan Deposit Accounts

Kenneth D. Garbade

in Birth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression

Published in print:
2012
Published Online:
August 2013
ISBN:
9780262016377
eISBN:
9780262298674
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262016377.003.0008
Subject:
Economics and Finance, Econometrics

This chapter describes the Treasury redeposit program. The Treasury was expected to redeposit in commercial banks the proceeds of wartime securities sales until the funds were needed. While the ... More


The Dollar’s Future as a Reserve Currency

Padma Desai

in From Financial Crisis to Global Recovery

Published in print:
2011
Published Online:
November 2015
ISBN:
9780231157865
eISBN:
9780231527743
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231157865.003.0007
Subject:
Economics and Finance, Public and Welfare

This chapter analyzes the relationship between Chinese and U.S. monetary policy. It specifically looks into the nations' partnership during the global financial crisis when both nations were at an ... More


Can’t Monetary Stimulus Overcome a Severe Recession?

Laurence Seidman

in How to Combat Recession: Stimulus without Debt

Published in print:
2018
Published Online:
May 2018
ISBN:
9780190462178
eISBN:
9780190462208
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190462178.003.0009
Subject:
Economics and Finance, Public and Welfare

Why can’t cutting interest rates to zero overcome a severe recession? In a severe recession, aggregate demand for goods and services is much too low, so there must be a large increase in customer ... More


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