| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16345 |
| 来源ID | Working Paper 16345 |
| U.S. Foreign-Exchange-Market Intervention during the Volcker-Greenspan Era | |
| Michael D. Bordo; Owen F. Humpage; Anna J. Schwartz | |
| 发表日期 | 2010-09-09 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | The Federal Reserve abandoned foreign-exchange-market intervention because it conflicted with the System's commitment to price stability. By the early 1980s, economists generally concluded that, absent a portfolio-balance channel, sterilized foreign-exchange-market intervention did not provide central banks with a mechanism for systematically influencing exchange rates independent of their monetary policies. If intervention were to have anything other than a fleeting, hit-or-miss, effect on exchange rates, monetary policy had to support it. Exchange rates, however, often responded to U.S. monetary-policy initiatives, so intervention to offset or reverse those exchange-rate responses can seem a contrary policy move and can create uncertainty about the strength of the System's commitment to price stability. That the U.S. Treasury maintained primary responsibility for foreign-exchange intervention only compounded this uncertainty. In addition, many FOMC participants feared that swap drawings and warehousing could contravene the Congressional appropriations process and, therefore, potentially pose a threat to System independence, a necessary condition for monetary-policy credibility. |
| 主题 | International Economics ; International Finance ; History ; Macroeconomic History ; Financial History |
| URL | https://www.nber.org/papers/w16345 |
| 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/574020 |
| 推荐引用方式 GB/T 7714 | Michael D. Bordo,Owen F. Humpage,Anna J. Schwartz. U.S. Foreign-Exchange-Market Intervention during the Volcker-Greenspan Era. 2010. |
| 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 | ||
| w16345.pdf（1289KB） | 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。
