Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/146682
Authors: 
Garbade, Kenneth D.
Year of Publication: 
2016
Series/Report no.: 
Staff Report, Federal Reserve Bank of New York 783
Abstract: 
In the second half of 1953 the United States, for the first time, risked exceeding the statutory limit on Treasury debt. This paper describes how Congress, the White House, and Treasury officials dealt with the looming crisis - by deferring and reducing expenditures, monetizing "free" gold that remained from the devaluation of the dollar in 1934, and, ultimately, raising the debt ceiling.
Subjects: 
debt ceiling
monetization of gold
U.S. Treasury
JEL: 
E42
H63
N22
Document Type: 
Working Paper

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