Title
Strained Relations: US ForeignExchange Operations and Monetary Policy in the Twentieth Century (National Bureau of Economic Res,Used
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During the twentieth century, foreignexchange 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 crossborder 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 foreignexchange 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.
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