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The charter of the Second Bank of the United States (B.U.S.) was for 20 years and therefore up for renewal in 1836. Its role as the depository of the federal government's revenues made it a political target of banks chartered by the individual states who opposed the B.U.S.'s relationship with the central government. Partisan politics came ...
Duration (months) Annual Employment Growth [2] Annual GDP Growth [3] Description Oct 1945– Nov 1948 37 +5.2% +1.5%: As the United States demobilized from World War II, the decline in government spending caused a brief recession in 1945 and suppressed GDP growth for several years thereafter. However, private economic activity expanded at a ...
This created a new U.S. dollar that was backed by 1.50 grams (23.22 grains) of gold. However, the previous dollar had been represented by 1.60 g (24.75 grains) of gold. The result of this revaluation, which was the first devaluation of the U.S. dollar, was that the value in gold of the dollar was reduced by 6%.
The average duration of the 11 recessions between 1945 and 2001 is 10 months, compared to 18 months for recessions between 1919 and 1945, and 22 months for recessions from 1854 to 1919. [6] Because of the great changes in the economy over the centuries, it is difficult to compare the severity of modern recessions to early recessions. [ 7 ]
The U.S. Constitution (Article 1, Section 8, Clause 5) gave the government the power to coin money to establish a mint. The dollar was established as the monetary unit of the U.S. by the Coinage Act of 1792, which also defined its value in terms of gold and silver. The First Bank of the United States was chartered in 1791. It was designed by ...
On July 6, 1785, the Continental Congress resolved that the money unit of the United States, the dollar, would contain 375.64 grains of fine silver; on August 8, 1786, the Continental Congress continued that definition and further resolved that the money of account, corresponding with the division of coins, would proceed in a decimal ratio ...
In this case the BPV or DV01 (dollar value of an 01 or dollar duration) is the more natural measure. The BPV in the table is the dollar change in price for $100 notional for 100bp change in yields. The BPV will make sense for the interest rate swap (for which modified duration is not defined) as well as the three bonds.
Replacing Treasury Secretary Lloyd Bentsen early in December 1994, Robert E. Rubin responded to the dollar’s depreciation with: “A strong dollar is in our national interest.” [34] [35] Thus, in 1995, Rubin re-set U.S. dollar policy, stating, in paraphrase: The strong-dollar policy is a U.S. government policy based on the assumption that a ...