The Review of Economics and Statistics Vol. 42 No. 3 1960
"Bills Only": A Critical Appraisal
Abstract
PROBABLY no single feature of monetary policy in recent years has provoked such widespread controversy as the so-called bills only doctrine -the decision taken in I953 by the Federal Reserve System to limit its openmarket operations exclusively to the purchase and sale of short-term government securities. Yet, despite the considerable comment, remarkably little empirical investigation of the subject has appeared in professional journals. The present paper attempts in some measure to fill this void. In general, the method used is to compare the two years after the Accord and preceding bills only with the six years following it.
- DOI
- 10.2307/1926378
- Volume
- 42
- Issue
- 3
- Pages
- 301
- Sources
- crossref openalex