Strained Relations: US Foreign-Exchange Operations and Monetary Policy in the Twentieth Century (National Bureau of Economic Research Monograph) - Hardcover

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

 
9780226051482: Strained Relations: US Foreign-Exchange Operations and Monetary Policy in the Twentieth Century (National Bureau of Economic Research Monograph)
Hardcover
ISBN 10: 022605148X ISBN 13: 9780226051482
Publisher: University of Chicago Press, 2015

Synopsis

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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About the Authors



Michael D. Bordo is professor of economics at Rutgers, the State University of New Jersey, and a research associate of the NBER.

Owen F. Humpage is a senior economic advisor in the Research Department of the Federal Reserve Bank of Cleveland.

"About this title" may belong to another edition of this title.

Publisher
University of Chicago Press
Publication date
2015
Language
English
ISBN 10 
022605148X
ISBN 13 
9780226051482
Binding
Hardcover
Number of pages
496