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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 |
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