Strained Relations : US Foreign-Exchange Operations and Monetary Policy in the Twentieth Century / Michael D. Bordo, Owen F. Humpage, Anna J. Schwartz.

Author
Bordo, Michael D. [Browse]
Format
Book
Language
English
Published/​Created
  • Chicago : University of Chicago Press, [2015]
  • ©2015
Description
1 online resource (x, 442 pages) : illustrations

Details

Subject(s)
Author
Series
  • National Bureau of Economic Research monograph. [More in this series]
  • National Bureau of Economic Research Monograph
Summary note
During the twentieth century, foreign-exchange intervention was sometimes used in an attempt to solve the fundamental trilemma of international finance, which holds that countries cannot simultaneously pursue independent monetary policies, stabilize their exchange rates, and benefit from free cross-border financial flows. Drawing on a trove of previously confidential data, Strained Relations reveals the evolution of US policy regarding currency market intervention, and its interaction with monetary policy. The authors consider how foreign-exchange intervention was affected by changing economic and institutional circumstances-most notably the abandonment of the international gold standard-and how political and bureaucratic factors affected this aspect of public policy.
Notes
Description based upon print version of record.
Bibliographic references
Includes bibliographical references and index.
Source of description
Description based on online resource; title from PDF title page (publisher's Web site, viewed 24. Apr 2020)
Language note
English
Contents
  • Frontmatter
  • Contents
  • Preface
  • 1. On the Evolution of US Foreign- Exchange- Market Intervention: Thesis, Theory, and Institutions
  • 2. Exchange Market Policy in the United States: Precedents and Antecedents
  • 3. Introducing the Exchange Stabilization Fund, 1934- 1961
  • 4. US Intervention during the Bretton Woods Era, 1962- 1973
  • 5. US Intervention and the Early Dollar Float, 1973- 1981
  • 6. US Foreign- Exchange- Market Intervention during the Volcker- Greenspan Era, 1981- 1997
  • 7. Lessons from the Evolution of US Monetary and Intervention Policies
  • Epilogue: Foreign- Exchange- Market Operations in the Twenty- First Century
  • Appendix 1: Summaries of Bank of England Documents
  • Appendix 2: Empirical Method for Assessing Success Counts
  • Notes
  • References
  • Index
ISBN
0-226-05151-X
OCLC
900409222
Doi
  • 10.7208/9780226051512
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