|
|
|
|
||||
|
||||
U.S. Monetary-Policy Evolution and U.S. InterventionMichael D. BordoHarvard University - Department of Economics; National Bureau of Economic Research (NBER) Owen HumpageFederal Reserve Bank of Cleveland Anna J. SchwartzCity University of New York (CUNY); National Bureau of Economic Research (NBER) - NY Office October 27, 2011 FRB of Cleveland Working Paper No. 11-27 Abstract: The United States all but abandoned its foreign-exchange-market intervention operations in late 1995, when they proved corrosive to the credibility of the Federal Reserve’s commitment to price stability. We view this decision as the culmination of the evolution of U.S. monetary policy over the past century from a gold standard to a fiat money regime. The abandonment of intervention was necessary to secure monetary policy credibility.
Number of Pages in PDF File: 13 Keywords: Trilemma, central-bank independence, intervention, monetary policy, swap lines, warehousing JEL Classification: F3, N1, N2 working papers seriesDate posted: October 28, 2011Suggested CitationContact Information
|
|
||||||||||||||||||||||
© 2013 Social Science Electronic Publishing, Inc. All Rights Reserved.
FAQ
Terms of Use
Privacy Policy
Copyright
This page was processed by apollo2 in 0.485 seconds
