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

Format:

Book

Author/Creator:

Bordo, Michael D., Author.

Humpage, Owen F., Author.

Schwartz, Anna J., Author.

Series:

National Bureau of Economic Research monograph.

National Bureau of Economic Research Monograph

Language:

English

Subjects (All):

Foreign exchange--Law and legislation--United States--History--20th century.

Foreign exchange.

Foreign exchange market--History--20th century.

Foreign exchange market.

United States--Economic policy--20th century.

United States.

Physical Description:

1 online resource (x, 442 pages) : illustrations

Place of Publication:

Chicago : University of Chicago Press, [2015]

Language Note:

English

Summary:

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.

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

Notes:

Description based upon print version of record.

Includes bibliographical references and index.

Description based on online resource; title from PDF title page (publisher's Web site, viewed 24. Apr 2020)

Other Format:

Print version :

ISBN:

9780226051512

022605151X

OCLC:

900409222