Strained Relations

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

Business & Finance, Economics, International Economics, Macroeconomics
Cover of the book Strained Relations by Michael D. Bordo, Owen F. Humpage, Anna J. Schwartz, University of Chicago Press
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Author: Michael D. Bordo, Owen F. Humpage, Anna J. Schwartz ISBN: 9780226051512
Publisher: University of Chicago Press Publication: March 2, 2015
Imprint: University of Chicago Press Language: English
Author: Michael D. Bordo, Owen F. Humpage, Anna J. Schwartz
ISBN: 9780226051512
Publisher: University of Chicago Press
Publication: March 2, 2015
Imprint: University of Chicago Press
Language: English

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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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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