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Birth of a MarketThe U.S. Treasury Securities Market from the Great War to the Great Depression$
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Kenneth D. Garbade

Print publication date: 2012

Print ISBN-13: 9780262016377

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262016377.001.0001

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Federal Reserve Support of the Treasury Market during World War I

Federal Reserve Support of the Treasury Market during World War I

(p.130) (p.131) 9 Federal Reserve Support of the Treasury Market during World War I
Birth of a Market

Kenneth D. Garbade

The MIT Press

This chapter discusses Federal Reserve support of the Treasury market during World War I, which was founded on two statutory credit facilities: the original power of the Reserve Banks to discount, or purchase, loans made by member banks to their customers; and the subsequently added power of the Reserve Banks to lend to member banks. Reserve Bank discounts were limited to short-term loans “arising out of actual commercial transactions” and short-term loans to purchase or carry Treasury securities.

Keywords:   Federal Reserve Banks, Treasury market, credit facilities, short-term loans, credit policy

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