Michael D. Bordo - National Bureau of Economic Research Monograph: Strained Relations : U. S. Monetary Policy and Foreign-Exchange Operations in the Twentieth Century read ebook PDF, DJV, MOBI
9780226051482 022605148X 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 circumstancesmost notably the abandonment of the international gold standardand how political and bureaucratic factors affected this aspect of public policy."
9780226051482 022605148X 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 circumstancesmost notably the abandonment of the international gold standardand how political and bureaucratic factors affected this aspect of public policy."