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Strained Relations

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

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

Strained Relations

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

496 pages | 73 halftones, 14 tables | 6 x 9 | © 2015
Cloth $97.50 ISBN: 9780226051482 Published March 2015
E-book $7.00 to $97.50 About E-books ISBN: 9780226051512 Published March 2015
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
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
Review Quotes
Choice
“Bordo, Humpage, and Schwartz trace the development of US policies and institutions designed to maintain stability in foreign exchange markets during the past century. . . . Recommended.”
EH.net
“This book is clearly destined to become a classic, leaving a mark on future research on foreign-exchange operations.”
For more information, or to order this book, please visit http://www.press.uchicago.edu
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