| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12662 |
| 来源ID | Working Paper 12662 |
| The Historical Origins of U.S. Exchange Market Intervention Policy | |
| Michael D. Bordo; Owen Humpage; Anna J. Schwartz | |
| 发表日期 | 2006-11-06 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | The present set of arrangements for U.S. exchange market intervention policy was largely developed after 1961 during the Bretton Woods era. However, that set had important historical precedents. In this paper we examine precedents to current arrangements, focusing on three historical eras: pre-1934 operations; the Exchange Stabilization Fund operations beginning in 1934; and the Bretton Woods era. We describe operations by the Second Bank of the United States in the pre-Civil War period and then operations by the U.S. Treasury in the post-Civil War period. After establishment of the Federal Reserve in 1914, the New York Fed engaged in isolated exchange market policies in the 1920s and 1930s, first under the direction of the Governor Benjamin Strong until his death in 1928, thereafter, under the direction of his successor, George Harrison. We then examine operations of the Exchange Stabilization Fund that the Gold Reserve Act of 1934 created as a Treasury Department agency. We exploit unique unpublished sources to analyze its dealings with the Banque de France and the Bank of England before and after the Tripartite Agreement. Finally, based on a unique data set of all U.S. Treasury and Federal Reserve foreign-exchange transactions, we discuss U.S. efforts from 1961 through 1972 to defend the dollar's parity under the Bretton Woods system. |
| 主题 | Macroeconomics ; Money and Interest Rates ; History ; Macroeconomic History |
| URL | https://www.nber.org/papers/w12662 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570324 |
| 推荐引用方式 GB/T 7714 | Michael D. Bordo,Owen Humpage,Anna J. Schwartz. The Historical Origins of U.S. Exchange Market Intervention Policy. 2006. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w12662.pdf（312KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
