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来源类型Working Paper
规范类型报告
DOI10.3386/w16647
来源IDWorking 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
URLhttps://www.nber.org/papers/w16647
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/574323
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Michael D. Bordo,Owen F. Humpage,Anna J. Schwartz. U.S. Foreign-Exchange-Market Intervention and the Early Dollar Float: 1973 - 1981. 2010.
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