Arbeitspapier
Managing the Treasury yield curve in the 1940s
This paper examines the efforts of the Federal Open Market Committee (FOMC) to first control, and later decontrol, the level and shape of the Treasury yield curve in the 1940s. The paper begins with a brief review of monetary policy in 1938 and a description of the period between September 1939 and December 1941, when the idea of maintaining a fixed yield curve first appeared. It then discusses the financing of U.S. participation in World War II and the experience with maintaining a fixed curve. The paper concludes with a discussion of how the FOMC regained control of monetary policy in the second half of the 1940s. The Committee's efforts offer two lessons in yield curve management: (1) the shape of the curve cannot be fixed independently of the volatility of interest rates and debt management policies, and (2) large-scale open market operations may be required in the course of refixing, from time to time, the shape of the yield curve.
- Sprache
-
Englisch
- Erschienen in
-
Series: Staff Report ; No. 913
- Klassifikation
-
Wirtschaft
Financial Institutions and Services: Government Policy and Regulation
National Debt; Debt Management; Sovereign Debt
Economic History: Financial Markets and Institutions: U.S.; Canada: 1913-
- Thema
-
debt management
open market operations
yield curve management
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Garbade, Kenneth D.
- Ereignis
-
Veröffentlichung
- (wer)
-
Federal Reserve Bank of New York
- (wo)
-
New York, NY
- (wann)
-
2020
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Garbade, Kenneth D.
- Federal Reserve Bank of New York
Entstanden
- 2020
Ähnliche Objekte (12)
Intermediary balance sheets and the treasury yield curve
Applying Heath-Jarrow-Morton Model to Forecasting the US Treasury Daily Yield Curve Rates
Interest rate uncertainty and the shape of the yield curve of U.S. treasury bonds
Yield curve control
Yield curve momentum
Deconstructing the yield curve
Managing the maturity structure of marketable treasury debt: 1953-1983
The yield curve and macroeconomic dynamics
Exchange rates and the yield curve
Far Out on the Yield Curve
Forecasting recessions using the yield curve
Nelson-Siegel yield curve model estimation and the yield curve trading in the Croation financial market
Intermediary balance sheets and the treasury yield curve
Applying Heath-Jarrow-Morton Model to Forecasting the US Treasury Daily Yield Curve Rates
Interest rate uncertainty and the shape of the yield curve of U.S. treasury bonds
Yield curve control
Yield curve momentum
Deconstructing the yield curve
Managing the maturity structure of marketable treasury debt: 1953-1983
The yield curve and macroeconomic dynamics
Exchange rates and the yield curve
Far Out on the Yield Curve
Forecasting recessions using the yield curve
Nelson-Siegel yield curve model estimation and the yield curve trading in the Croation financial market
Intermediary balance sheets and the treasury yield curve
Applying Heath-Jarrow-Morton Model to Forecasting the US Treasury Daily Yield Curve Rates
Interest rate uncertainty and the shape of the yield curve of U.S. treasury bonds
Yield curve control
Yield curve momentum
Deconstructing the yield curve
Managing the maturity structure of marketable treasury debt: 1953-1983
The yield curve and macroeconomic dynamics
Exchange rates and the yield curve
Far Out on the Yield Curve
Forecasting recessions using the yield curve