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

Hetzel, Robert L

Journal of economic history, 2016, Vol.76 (1), p.275-277 [Periódico revisado por pares]

Santa Clara: Cambridge University Press

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  • Título:
    Book Reviews : Strained Relations: US Foreign-Exchange Operations and Monetary Policy in the Twentieth Century
  • Autor: Hetzel, Robert L
  • Assuntos: 20th century ; American dollar ; Central banks ; Economic history ; Economics ; Economists ; Federal Reserve System ; Foreign exchange markets ; Foreign exchange rates ; History ; Hypotheses ; Intervention ; Monetary policy ; Price levels ; Price stabilization ; Recessions ; Terms of trade ; United States
  • É parte de: Journal of economic history, 2016, Vol.76 (1), p.275-277
  • Notas: content type line 1
    SourceType-Scholarly Journals-1
    ObjectType-Review-1
  • Descrição: A review of Strained Relations: US Foreign-Exchange Operations and Monetary Policy in the Twentieth Century by Michael D. Bordo, Owen F. Humpage, and Anna J. Schwartz is presented. The authors have written an exhaustively-detailed history of intervention in the foreign exchange markets by the U.S. Treasury and Federal Reserve System. The account includes the Exchange Stabilization Fund, which began operation in 1934, the use of swap lines in the Bretton Woods era, the dirty floats of the 1970s after the breakdown of Bretton Woods, and the attempts of the Plaza and Louvre Accords to mitigate first the rise and then the decline of the dollar. The authors summarize their findings as follows (p. 26): frequent intervention ended because it did not offer monetary authorities an independent instrument with which to pursue an additional policy goal. Intervention did not solve the trilemma. Instead, intervention and its associated institutions weakened the Federal Reserve's credibility for price stability.
  • Editor: Santa Clara: Cambridge University Press
  • Idioma: Inglês
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  • Realização: ABCD-USP USP   Logos de Redes Sociais: Freepik

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