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

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.