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

摘要

Exchange-rate policies are again center stage in the world economy, between the trials and tribulations of the euro, US-China tension over the renminbi, and emerging-market concerns about currency wars and currency collapses. This volume, by a monetary economist (Bordo), a senior advisor to the Cleveland Fed (Humpage), and Milton Friedman's collaborator on A Monetary History of the United States (the late Schwartz), addresses a specific issue in the making of exchange-rate policy: the role of intervention in foreign currency markets.