Cloth $97.50 ISBN: 9780226051482 Will Publish March 2015
E-book $78.00 Available for pre-order. ISBN: 9780226051512 Will Publish March 2015

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

496 pages | 73 halftones, 14 tables | 6 x 9 | © 2014
Cloth $97.50 ISBN: 9780226051482 Will Publish March 2015
E-book $78.00 ISBN: 9780226051512 Will Publish 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.
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