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来源类型Working Paper
规范类型报告
DOI10.3386/w16345
来源IDWorking 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
URLhttps://www.nber.org/papers/w16345
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/574020
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Michael D. Bordo,Owen F. Humpage,Anna J. Schwartz. U.S. Foreign-Exchange-Market Intervention during the Volcker-Greenspan Era. 2010.
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