Until 1935, Federal Reserve Banks from time to time purchased short-term securities directly from the United States Treasury to facilitate Treasury cash management operations. The authority to undertake such purchases provided a robust safety net that ensured Treasury could meet its obligations...

In this book Garbade, a former analyst at a primary dealer and researcher at the Federal Reserve Bank of New York, traces the evolution of open market operations, Treasury debt management, and the microstructure of the US government securities markets following the 1951 Treasury-Federal Reserve....

This paper analyzes the dynamics of long-term US Treasury security yields from a Keynesian perspective using daily data. Keynes held that the short-term interest rate is the main driver of the long-term interest rate. In this paper, the daily changes in long-term Treasury security yields are...

This study presents empirical evidence about the determinants of long-term government bond yields for 19 economies of the European Monetary Union (EMU) over the period 1995-2018 within a multivariate panel framework. The fixed effects estimators reveal that the relationship between public debt...