Details about Owen F. Humpage

Workplace:

Economic Research, Federal Reserve Bank of Cleveland, (more information at EDIRC) Federal Reserve Bank of Cleveland, (more information at EDIRC)

Access statistics for papers by Owen F. Humpage.

Last updated 2022-10-25. Update your information in the RePEc Author Service.

Short-id: phu403

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Working Papers

2023

1. On the Origins of the Federal Reserve System and Its Structure
   Working Papers, Federal Reserve Bank of Cleveland

2020

2. Even Keel and the Great Inflation
   Working Papers, Federal Reserve Bank of Cleveland
   Also in Working Papers (Old Series), Federal Reserve Bank of Cleveland (2015) View citations (1)
   Working Papers (Old Series), Federal Reserve Bank of Cleveland (2013) View citations (2)

2016

3. Fiscal Dominance and US Monetary: 1940–1975
   Working Papers (Old Series), Federal Reserve Bank of Cleveland

2014

4. Federal Reserve Policy and Bretton Woods
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
   Also in Globalization Institute Working Papers, Federal Reserve Bank of Dallas (2014) View citations (4)
   Working Papers (Old Series), Federal Reserve Bank of Cleveland (2014) View citations (8)
5. Independent within—not of—Government: The Emergence of the Federal Reserve as a Modern Central Bank
   Working Papers (Old Series), Federal Reserve Bank of Cleveland
6. The Evolution of the Federal Reserve Swap Lines since 1962
   Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (10)
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2014) View citations (11)

2012

7. Bretton Woods, swap lines, and the Federal Reserve’s return to intervention
   Working Papers (Old Series), Federal Reserve Bank of Cleveland
8. Epilogue: Foreign-Exchange-Market Operations in the Twenty-First Century
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (14)
   Also in Working Papers (Old Series), Federal Reserve Bank of Cleveland (2012) View citations (15)
   See also Chapter Epilogue: Foreign-Exchange-Market Operations in the Twenty-First Century, NBER Chapters, National Bureau of Economic Research, Inc (2015) View citations (1) (2015)

2011

9. On the evolution of U.S. foreign-exchange-market intervention: thesis, theory, and institutions
   Working Papers (Old Series), Federal Reserve Bank of Cleveland
   See also Chapter On the Evolution of US Foreign-Exchange-Market Intervention: Thesis, Theory, and Institutions, NBER Chapters, National Bureau of Economic Research, Inc (2016) (2016)
10. The Federal Reserve as an Informed Foreign Exchange Trader: 1973 - 1995
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
    Also in Working Papers (Old Series), Federal Reserve Bank of Cleveland (2011) View citations (2)
    See also Journal Article The Federal Reserve as an Informed Foreign Exchange Trader: 1973–1995, International Journal of Central Banking, International Journal of Central Banking (2012) View citations (11) (2012)
11. U.S. Intervention During the Bretton Woods Era: 1962-1973
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
    Also in Working Papers (Old Series), Federal Reserve Bank of Cleveland (2011)
    See also Chapter US Intervention during the Bretton Woods Era, 1962–1973, NBER Chapters, National Bureau of Economic Research, Inc (2015) View citations (1) (2015)
12. U.S. monetary-policy evolution and U.S. intervention
    Working Papers (Old Series), Federal Reserve Bank of Cleveland

2010

13. U.S. Foreign-Exchange-Market Intervention and the Early Dollar Float: 1973 - 1981
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
14. U.S. Foreign-Exchange-Market Intervention during the Volcker-Greenspan Era
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
    Also in Working Papers (Old Series), Federal Reserve Bank of Cleveland (2010) View citations (2)
15. U.S. intervention and the early dollar float: 1973-1981
    Working Papers (Old Series), Federal Reserve Bank of Cleveland
    See also Chapter US Intervention and the Early Dollar Float, 1973–1981, NBER Chapters, National Bureau of Economic Research, Inc (2015) View citations (1) (2015)

2009

16. A brief empirical history of U.S. foreign-exchange intervention: 1973-1995
    Working Papers (Old Series), Federal Reserve Bank of Cleveland

2006

17. Bretton Woods and the U.S. decision to intervene in the foreign-exchange market, 1957-1962
    Working Papers (Old Series), Federal Reserve Bank of Cleveland
18. Option prices, exchange market intervention, and the higher moment expectations channel: a user’s guide
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (5)
    See also Journal Article Option prices, exchange market intervention, and the higher moment expectations channel: a user's guide, International Journal of Finance & Economics, John Wiley & Sons, Ltd. (2007) View citations (8) (2007)
19. Swedish Intervention and the Krona Float, 1993-2002
    Working Paper Series, Sveriges Riksbank (Central Bank of Sweden) View citations (4)
    Also in Working Papers (Old Series), Federal Reserve Bank of Cleveland (2005) View citations (1)
20. The Historical Origins of U.S. Exchange Market Intervention Policy
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
    See also Journal Article The historical origins of US exchange market intervention policy, International Journal of Finance & Economics, John Wiley & Sons, Ltd. (2007) View citations (9) (2007)
21. The Revalued Renminbi (Power Point Presentation)
    Agricultural Outlook Forum 2006, United States Department of Agriculture, Agricultural Outlook Forum

2005

22. An assessment of the impact of Japanese foreign exchange intervention: 1991-2004
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (11)

2003

23. An analysis of Japanese foreign exchange interventions, 1991-2002
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (3)
24. Government intervention in the foreign exchange market
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (55)

2002

25. Do energy-price shocks affect core-price measures?
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (5)

2001

26. Coalitions, power, and the FOMC
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (1)
27. Sterilized intervention, nonsterilized intervention, and monetary policy
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (8)

1999

28. Intervention as information: a survey
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (3)

1998

29. The Federal Reserve as an informed foreign-exchange trader
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (2)

1996

30. U.S. intervention: assessing the probability of success
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (4)
    See also Journal Article U.S. Intervention: Assessing the Probability of Success, Journal of Money, Credit and Banking, Blackwell Publishing (1999) View citations (125) (1999)

1992

31. New results on the impact of central-bank intervention on deviations from uncovered interest parity
    Working Papers (Old Series), Federal Reserve Bank of Cleveland
32. Post-Louvre intervention: did target zones stabilize the dollar?
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (26)

1990

33. Intervention and the foreign exchange risk premium: an empirical investigation of daily effects
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (6)
    See also Journal Article Intervention and the foreign exchange risk premium: An empirical investigation of daily effects, Global Finance Journal, Elsevier (1992) View citations (14) (1992)

1986

34. Intervention, exchange-rate volatility, and the stable paretian distribution
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (4)

1984

35. Dollar intervention and the deutschemark-dollar exchange rate: a daily time-series model
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (6)

Journal Articles

2017

1. Warehousing: A Historical Lesson in Central Bank Independence
   Economic Commentary, 2017, (August)

2016

2. The Fed’s Yield-Curve-Control Policy
   Economic Commentary, 2016, (November) View citations (1)

2015

3. Paper Money and Inflation in Colonial America
   Economic Commentary, 2015, (May)

2014

4. Cooperation, Conflict, and the Emergence of a Modern Federal Reserve
   Economic Commentary, 2014, (April) View citations (1)

2013

5. The limitations of foreign-exchange intervention: lessons from Switzerland
   Economic Commentary, 2013, (Oct) View citations (1)

2012

6. Communication, credibility, and price stability: lessons learned from Japan
   Economic Commentary, 2012, (July)
7. The Federal Reserve as an Informed Foreign Exchange Trader: 1973–1995
   International Journal of Central Banking, 2012, 8, (1), 127-160 View citations (11)
   See also Working Paper The Federal Reserve as an Informed Foreign Exchange Trader: 1973 - 1995, NBER Working Papers (2011) View citations (2) (2011)

2011

8. Do commodity prices signal inflation?
   Economic Commentary, 2011, (May)

2010

9. The foreign savings glut: inordinate savers or thriving traders?
   Economic Commentary, 2010, 2010, (03), 4

2009

10. Replacing the dollar with special drawing rights--will it work this time?
    Economic Commentary, 2009, (Mar)

2008

11. A new role for the Exchange Stabilization Fund
    Economic Commentary, 2008, (Aug)
12. Rising relative prices or inflation: why knowing the difference matters
    Economic Commentary, 2008, (Jun) View citations (5)

2007

13. Global risks to U.S. monetary policy
    Economic Commentary, 2007, (May)
14. Option prices, exchange market intervention, and the higher moment expectations channel: a user's guide
    International Journal of Finance & Economics, 2007, 12, (2), 225-247 View citations (8)
    See also Working Paper Option prices, exchange market intervention, and the higher moment expectations channel: a user’s guide, Working Papers (Old Series) (2006) View citations (5) (2006)
15. The historical origins of US exchange market intervention policy
    International Journal of Finance & Economics, 2007, 12, (2), 109-132 View citations (9)
    See also Working Paper The Historical Origins of U.S. Exchange Market Intervention Policy, NBER Working Papers (2006) View citations (3) (2006)

2005

16. Have international developments lowered the neutral rate?
    Economic Commentary, 2005, (Dec) View citations (3)
17. Nondeliverable forwards: can we tell where the renminbi is headed?
    Economic Commentary, 2005, (Sep) View citations (5)
18. The Chinese renminbi: what’s real, what’s not
    Economic Commentary, 2005, (Aug) View citations (2)

2004

19. A hitchhiker’s guide to the U.S. current account problem
    Economic Commentary, 2004, (Oct)
20. On the rotation of the earth, drunken sailors, and exchange rate policy
    Economic Commentary, 2004, (Feb) View citations (1)
21. Walking on a fence: Brazils public-sector debt
    Policy Discussion Papers, 2004, (Feb)

2003

22. Do energy price spikes cause inflation?
    Economic Commentary, 2003, (Apr) View citations (1)
23. Foreign exchange and the liquidity trap
    Economic Commentary, 2003, (Oct)
24. The Myth of a Strong Dollar Policy
    Cato Journal, 2003, 22, (3), 417-429 View citations (1)

2002

25. An incentive-compatible suggestion for seigniorage sharing with dollarizing countries
    Policy Discussion Papers, 2002, (Jun) View citations (3)

2001

26. Global monetary integration; a conference sponsored by the Federal Reserve Bank of Cleveland, June 1-3, 2000
    Proceedings, 2001, (May)
27. International financial flows and the current business expansion
    Policy Discussion Papers, 2001, (Apr) View citations (1)
28. Introduction: context, issues and contributions
    Proceedings, 2001, 303-311
29. Money, manufacturing, and the strong dollar
    Economic Commentary, 2001, (Jul)

2000

30. Do imports hinder or help economic growth?
    Economic Commentary, 2000, (Mar) View citations (2)
31. Foreign economic growth and the dollar
    Economic Commentary, 2000, (Sep)
32. Intervention from an information perspective
    Journal of International Financial Markets, Institutions and Money, 2000, 10, (3-4), 407-421 View citations (52)
33. The United States as an informed foreign-exchange speculator
    Journal of International Financial Markets, Institutions and Money, 2000, 10, (3-4), 287-302 View citations (32)
34. Why intervention rarely works
    Economic Commentary, 2000, (Feb) View citations (1)

1999

35. Dollarization and monetary sovereignty: the case of Argentina
    Economic Commentary, 1999, (Sep) View citations (7)
36. U.S. Intervention: Assessing the Probability of Success
    Journal of Money, Credit and Banking, 1999, 31, (4), 731-47 View citations (125)
    See also Working Paper U.S. intervention: assessing the probability of success, Working Papers (Old Series) (1996) View citations (4) (1996)

1998

37. A hitchhiker's guide to understanding exchange rates
    Economic Commentary, 1998, (Jan) View citations (1)
38. Is the current-account deficit sustainable?
    Economic Commentary, 1998, (Oct) View citations (2)

1997

39. Recent U.S. intervention: is less more?
    Economic Review, 1997, (Q III), 2-10 View citations (4)

1996

40. Are successful interventions random events?
    Economic Commentary, 1996, (Mar) View citations (2)
41. Monetary policy and real economic growth
    Economic Commentary, 1996, (Dec)

1995

42. A Mexican currency board?
    Economic Commentary, 1995, (Mar)
43. An introduction to currency boards
    Economic Review, 1995, (Q II), 2-11 View citations (14)

1994

44. Are the Japanese to blame for our trade deficit?
    Economic Commentary, 1994, (Jun)
45. Central bank independence
    Economic Commentary, 1994, (Apr)
46. Institutional aspects of U.S. intervention
    Economic Review, 1994, 30, (Q I), 2-19 View citations (16)

1993

47. Do deficits matter?
    Economic Commentary, 1993, (Jun)

1992

48. An introduction to the international implications of U.S. fiscal policy
    Economic Review, 1992, 28, (Q III), 27-39 View citations (1)
49. Intervention and the foreign exchange risk premium: An empirical investigation of daily effects
    Global Finance Journal, 1992, 3, (1), 23-50 View citations (14)
    See also Working Paper Intervention and the foreign exchange risk premium: an empirical investigation of daily effects, Working Papers (Old Series) (1990) View citations (6) (1990)
50. Should the United States hold foreign currency reserves?
    Economic Commentary, 1992, (Aug)

1991

51. Central-bank intervention: recent literature, continuing controversy
    Economic Review, 1991, 27, (Q II), 12-26 View citations (10)
52. Exchange-market intervention and U.S. monetary policy
    Economic Commentary, 1991, (Oct)

1990

53. A critique of monetary protectionism
    Economic Commentary, 1990, (May)
54. A hitchhiker's guide to international macroeconomic policy coordination
    Economic Review, 1990, 26, (Q I), 2-14 View citations (1)
55. Avoiding Monetary Protectionism: The Role of Policy
    Cato Journal, 1990, 10, (2), 541-563

1988

56. Comment--Intervention and the dollar's decline
    Economic Review, 1988, (Q III), 32-34 View citations (7)
57. Debt repayment and economic adjustment
    Economic Commentary, 1988, (Jun)
58. Intervention and the dollar
    Economic Commentary, 1988, (Sep) View citations (9)
59. Intervention and the dollar's decline
    Economic Review, 1988, 24, (Q II), 2-16 View citations (17)

1987

60. Requirements for eliminating the trade deficit
    Economic Commentary, 1987, (Apr)
61. Should we intervene in exchange markets?
    Economic Commentary, 1987, (Feb) View citations (2)

1986

62. A correct value for the dollar?
    Economic Commentary, 1986, (Jan)
63. Exchange-market intervention: the channels of influence
    Economic Review, 1986, (Q III), 2-13 View citations (6)
64. Should we be concerned about the speed of the depreciation?
    Economic Commentary, 1986, (Mar)
65. Target zones for exchange rates?
    Economic Commentary, 1986, (Aug)

1985

66. The dollar in the eighties
    Economic Commentary, 1985, (Sep)
67. Will taxing imports help?
    Economic Commentary, 1985, (Mar)

1984

68. The costs of a protectionist cure
    Economic Commentary, 1984, (Jul)
69. Voluntary export restraints: the cost of building walls
    Economic Review, 1984, (Sum), 17-37 View citations (3)

1983

70. Exchange rates and U.S. prices
    Economic Commentary, 1983, (Apr)

1982

71. A basic analysis of the new protectionism
    Economic Review, 1982, (Win), 2-19
72. Do deficits cause inflation?
    Economic Commentary, 1982, (Nov)
73. Safe-harbor leasing: separating the wheat from the chaff
    Economic Commentary, 1982, (Oct)

Books

2015

1. Strained Relations: US Foreign-Exchange Operations and Monetary Policy in the Twentieth Century
   NBER Books, National Bureau of Economic Research, Inc View citations (44)

Chapters

2016

1. Front matter, Strained Relations: US Foreign-Exchange Operations and Monetary Policy in the Twentieth Century
   A chapter in Strained Relations: US Foreign-Exchange Operations and Monetary Policy in the Twentieth Century, 2016
2. On the Evolution of US Foreign-Exchange-Market Intervention: Thesis, Theory, and Institutions
   A chapter in Strained Relations: US Foreign-Exchange Operations and Monetary Policy in the Twentieth Century, 2016, pp 1-26
   See also Working Paper On the evolution of U.S. foreign-exchange-market intervention: thesis, theory, and institutions, Federal Reserve Bank of Cleveland (2011) (2011)

2015

3. Appendix 1: Summaries of Bank of England Documents
   A chapter in Strained Relations: US Foreign-Exchange Operations and Monetary Policy in the Twentieth Century, 2015, pp 365-373
4. Appendix 2: Empirical Method for Assessing Success Counts
   A chapter in Strained Relations: US Foreign-Exchange Operations and Monetary Policy in the Twentieth Century, 2015, pp 375-388
5. Epilogue: Foreign-Exchange-Market Operations in the Twenty-First Century
   A chapter in Strained Relations: US Foreign-Exchange Operations and Monetary Policy in the Twentieth Century, 2015, pp 345-363 View citations (1)
   See also Working Paper Epilogue: Foreign-Exchange-Market Operations in the Twenty-First Century, National Bureau of Economic Research, Inc (2012) View citations (14) (2012)
6. Exchange Market Policy in the United States: Precedents and Antecedents
   A chapter in Strained Relations: US Foreign-Exchange Operations and Monetary Policy in the Twentieth Century, 2015, pp 27-55
7. Introducing the Exchange Stabilization Fund, 1934–1961
   A chapter in Strained Relations: US Foreign-Exchange Operations and Monetary Policy in the Twentieth Century, 2015, pp 56-119
8. Lessons from the Evolution of US Monetary and Intervention Policies
   A chapter in Strained Relations: US Foreign-Exchange Operations and Monetary Policy in the Twentieth Century, 2015, pp 332-343
9. Notes, References, Index
   A chapter in Strained Relations: US Foreign-Exchange Operations and Monetary Policy in the Twentieth Century, 2015, pp 389-442
10. US Foreign-Exchange-Market Intervention during the Volcker-Greenspan Era, 1981–1997
    A chapter in Strained Relations: US Foreign-Exchange Operations and Monetary Policy in the Twentieth Century, 2015, pp 268-331 View citations (1)
11. US Intervention and the Early Dollar Float, 1973–1981
    A chapter in Strained Relations: US Foreign-Exchange Operations and Monetary Policy in the Twentieth Century, 2015, pp 210-267 View citations (1)
    See also Working Paper U.S. intervention and the early dollar float: 1973-1981, Federal Reserve Bank of Cleveland (2010) (2010)
12. US Intervention during the Bretton Woods Era, 1962–1973
    A chapter in Strained Relations: US Foreign-Exchange Operations and Monetary Policy in the Twentieth Century, 2015, pp 120-209 View citations (1)
    See also Working Paper U.S. Intervention During the Bretton Woods Era: 1962-1973, National Bureau of Economic Research, Inc (2011) View citations (3) (2011)