| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16647 |
| 来源ID | Working Paper 16647 |
| U.S. Foreign-Exchange-Market Intervention and the Early Dollar Float: 1973 - 1981 | |
| Michael D. Bordo; Owen F. Humpage; Anna J. Schwartz | |
| 发表日期 | 2010-12-31 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | The dollar's depreciation during the early floating rate period, 1973 - 1981, was a symptom of the Great Inflation. In that environment, sterilized foreign exchange interventions were ineffective in halting the dollar's decline, but showed a limited ability to smooth dollar movements. Only after the Volcker FOMC changed its monetary-policy approach and demonstrated a willingness to maintain a disinflationary stance despite severe economic weakness and high unemployment did the dollar begin a sustained appreciation. Also contributing to the ineffectiveness of the interventions was the Desk's method of operation. The small, covert interventions, particularly prior to 1977, seemed inconsistent with an expectations channel of influence, and financing intervention with short-term borrowed funds seemed inconsistent with a portfolio-balance channel of influence. The Desk never clearly articulated an intervention transmission mechanism. The episode indicated the shortcomings of sterilized intervention and led to their cessation in April 1981. |
| 主题 | International Economics ; International Finance ; History ; Macroeconomic History ; Financial History |
| URL | https://www.nber.org/papers/w16647 |
| 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/574323 |
| 推荐引用方式 GB/T 7714 | Michael D. Bordo,Owen F. Humpage,Anna J. Schwartz. U.S. Foreign-Exchange-Market Intervention and the Early Dollar Float: 1973 - 1981. 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 | ||
| w16647.pdf（408KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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