U.S. monetary-policy evolution and U.S. intervention

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

No 1127, Working Papers (Old Series) from Federal Reserve Bank of Cleveland

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.

Keywords: Foreign exchange market; Monetary policy - United States; Federal Open Market Committee (search for similar items in EconPapers)
Date: 2011
New Economics Papers: this item is included in nep-cba, nep-his, nep-hpe and nep-mon
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