U.S. monetary-policy evolution and U.S. intervention
Michael Bordo (),
Owen Humpage and
No 1127, Working Papers (Old Series) from Federal Reserve Bank of Cleveland
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)
New Economics Papers: this item is included in nep-cba, nep-his, nep-hpe and nep-mon
References: Add references at CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
https://www.clevelandfed.org/en/Newsroom%20and%20E ... 7C95DFD02EFAF37.ashx Full text (application/pdf)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:fip:fedcwp:1127
Ordering information: This working paper can be ordered from
Access Statistics for this paper
More papers in Working Papers (Old Series) from Federal Reserve Bank of Cleveland Contact information at EDIRC.
Bibliographic data for series maintained by 4D Library ().