ENGLISH

Strained Relations: US Foreign-Exchange Operations and Monetary Policy in the Twentieth Century

By Michael D. Bordo , Anna J. Schwartz , Owen F. Humpage

Book information

Publisher
University of Chicago Press
Year
2015
ISBN
022605148X, 9780226051482
Language
english
Format
PDF
Filesize
3 MB (2660883 bytes)
Series
National Bureau of Economic Research Monograph
Pages
496\453
Scanned
yes
Time added
2015-07-17 13:50:00
Macroeconomics Economics Business Money Monetary P

Description

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.

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