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Strained Relations – US Foreign-Exchange Operations and Monetary Policy in the Twentieth Century - Chicago Scholarship Online
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Strained Relations: US Foreign-Exchange Operations and Monetary Policy in the Twentieth Century

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


Using the fundamental trilemma of international finance as a broad organizing principle, this book discusses the evolution of monetary and exchange-rate policies over the twentieth century. We start with the classical gold standard, during which US monetary authorities maintained fixed exchange rates at the loss of a domestically orientated monetary policy, and progress through the interwar gold-exchange standard, the creation of the Exchange Stabilization Fund, and the Bretton Woods era to today’s fiat standard, in which US monetary authorities embrace a domestically focused monetary policyan ... More

Keywords: foreign-exchange intervention, trilemma of international finance, gold standard, Bretton Woods, Federal Reserve System, swap lines, warehousing

Bibliographic Information

Print publication date: 2015 Print ISBN-13: 9780226051482
Published to Chicago Scholarship Online: September 2015 DOI:10.7208/chicago/9780226051512.001.0001


Affiliations are at time of print publication.

Michael D. Bordo, author
State University, New Jersey,

Owen F. Humpage, author
Research Department of the Federal Reserve Bank of Cleveland

Anna J. Schwartz, author