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Federal Reserve Policy and the Structure of Interest Rates on Government Securities

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  • Charls E. Walker

Abstract

Introduction, 19. — I. The theory of interest rate structure, 19. — II. Origin and evolution of the rate structure, 27. — III. Effects of maintenance of the yield pattern, 27. — IV. Significance to credit policy of maintaining the yield structure, 36. — V. Conclusions for policy, 40. — VI. Interest rate structures and compensatory open market operations, 41.

Suggested Citation

  • Charls E. Walker, 1954. "Federal Reserve Policy and the Structure of Interest Rates on Government Securities," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 68(1), pages 19-42.
    • Handle: RePEc:oup:qjecon:v:68:y:1954:i:1:p:19-42.
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    File URL: http://hdl.handle.net/10.2307/1881916
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    Cited by:

    1. Owen F. Humpage & Sanchita Mukherjee, 2013. "Even keel and the Great Inflation," Working Papers (Old Series) 1315, Federal Reserve Bank of Cleveland.
    2. Kenneth D. Garbade, 2016. "The early years of the primary dealer system," Staff Reports 777, Federal Reserve Bank of New York.
    3. Melino, Angelo, 1988. "The Term Structure of Interest Rates: Evidence and Theory," Journal of Economic Surveys, Wiley Blackwell, vol. 2(4), pages 335-366.
    4. Shiller, Robert J. & Huston McCulloch, J., 1990. "The term structure of interest rates," Handbook of Monetary Economics, in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 1, chapter 13, pages 627-722, Elsevier.
    5. Owen F. Humpage, 2014. "Independent within—not of—Government: The Emergence of the Federal Reserve as a Modern Central Bank," Working Papers (Old Series) 1402, Federal Reserve Bank of Cleveland.
    6. Mark A. Carlson & David C. Wheelock, 2014. "Navigating constraints: the evolution of Federal Reserve monetary policy, 1935-59," Working Papers 2014-13, Federal Reserve Bank of St. Louis.
    7. Kenneth D. Garbade, 2016. "Repurchase agreements as an instrument of monetary policy at the time of the Accord," Staff Reports 780, Federal Reserve Bank of New York.

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