| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20656 |
| 来源ID | Working Paper 20656 |
| Federal Reserve Policy and Bretton Woods | |
| Michael D. Bordo; Owen F. Humpage | |
| 发表日期 | 2014-11-10 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | During the Bretton Woods era, balance-of-payments developments, gold losses, and exchange-rate concerns had little influence on Federal Reserve monetary policy, even after 1958 when such issues became critical. The Federal Reserve could largely disregard international considerations because the U.S. Treasury instituted a number of stopgap devices—the gold pool, the general agreement to borrow, capital restraints, sterilized foreign-exchange operations—to shore up the dollar and Bretton Woods. These, however, gave Federal Reserve policymakers the latitude to focus on the domestic objectives and shifted responsibility for international developments to the Treasury. Removing the pressure of international considerations from Federal Reserve policy decisions made it easier for the Federal Reserve to pursue the inflationary policies of the late 1960s and 1970s that ultimate destroyed Bretton Woods. In the end, the Treasury’s stopgap devices, which were intended to support Bretton Woods, contributed to its demise. |
| 主题 | Macroeconomics ; Monetary Policy ; History ; Macroeconomic History |
| URL | https://www.nber.org/papers/w20656 |
| 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/578331 |
| 推荐引用方式 GB/T 7714 | Michael D. Bordo,Owen F. Humpage. Federal Reserve Policy and Bretton Woods. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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