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

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

Anna Jacobson Schwartz
5/5 ( ratings)
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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.
Pages
496
Format
Hardcover
Publisher
University of Chicago Press
Release
March 02, 2015
ISBN
022605148X
ISBN 13
9780226051482

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

Anna Jacobson Schwartz
5/5 ( ratings)
Read Download
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.
Pages
496
Format
Hardcover
Publisher
University of Chicago Press
Release
March 02, 2015
ISBN
022605148X
ISBN 13
9780226051482

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