Strained relations
Subtitle: US foreign-exchange operations and monetary policy in the twentieth century
By: Michael D. Bordo, Owen F. Humpage, and Anna J. Schwartz
Contributors: Humpage, Owen F., author; Schwartz, Anna J. (Anna Jacobson), 1915-2012, author
Series: A National Bureau of Economic Research monograph; National Bureau of Economic Research monograph
Publisher: University of Chicago Press
Published: 2015
Language: eng
Number of pages: 442
ISBN-13: 9780226051482
Subjects: Economic policy; Law and legislation; Foreign exchange; Foreign exchange market; History
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, stabilise 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.
Notes: Includes bibliographical references and index.
Table of contents: title: On the evolution of U.S. foreign-exchange-market intervention : thesis, theory, and institutions; title: Exchange market policy in the United States : antecedents and precedents; title: Introducing the exchange stabilization fund, 1934-1961; title: U.S. intervention during the Bretton Woods era, 1962-1973; title: U.S. intervention and the early dollar float, 1973-1981; title: U.S. foreign-exchange-market intervention during the Volcker-Greenspan era, 1981-1997; title: Lessons from the evolution of U.S. monetary and intervention policies; title: Epilogue : foreign-exchange-market operations in the twenty-first century.