Can the Fed set the long-rate?

To: pkt@xxxxxxxxxxxxxxxx
Subject: Can the Fed set the long-rate?
From: pdavidso@xxxxxxxxxxxxxxxxxx (Paul Davidson)
Date: Fri, 10 Oct 1997 11:43:21 -0500

Just a note to support Warren's response to Doug that its the Fed's choice
only to affect the short-rate.  Between 1940 and 1951 the Fed did affect
(controll) all interest rates -- until the Accord of 1951.  That permitted
Roosevelt to finance the war at an averager long rate below 4 %.

Paul
Paul Davidson
Economics Department -- 523 SMC
University of Tennessee
Knoxville, Tennesseee 37996-0550
email: Pdavidson@xxxxxxx;   phone: (423)974-4221;    fax: (423) 974-1686

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Thread context:
- Re: Danby Seminar -- liquidity and Thirlwall, Colin Danby Fri 10 Oct 1997, 17:48 GMT
- Danby seminar: Mexico, Malaysia, and the Perils of Liberalization, Colin Danby Fri 10 Oct 1997, 16:42 GMT
  - <Possible follow-up(s)>
  - Re: Danby seminar: Mexico, Malaysia, and the Perils of Liberalization, Warren Mosler Fri 10 Oct 1997, 21:03 GMT
- Re: Can the Fed set the long-rate?, William F. Hummel Fri 10 Oct 1997, 16:24 GMT
  - <Possible follow-up(s)>
  - Can the Fed set the long-rate?, Paul Davidson Fri 10 Oct 1997, 16:43 GMT
  - Re: Can the Fed set the long-rate?, michael perelman Fri 10 Oct 1997, 17:20 GMT
  - Re: Can the Fed set the long-rate?, Randy Wray Fri 10 Oct 1997, 17:58 GMT
  - Re: Can the Fed set the long-rate?, Doug Henwood Fri 10 Oct 1997, 18:04 GMT
  - Re: Can the Fed set the long-rate?, Randy Wray Fri 10 Oct 1997, 18:29 GMT

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