US Foreign-Exchange Operations and Monetary Policy in the Twentieth Century
by
Michael D. Bordo, Owen F. Humpage, Anna J. Schwartz
Language: English
Release Date: March 2, 2015
During the twentieth century, foreign-exchange intervention was sometimes used in an attempt to solve the fundamental trilemma of international finance, which holds that countries cannot simultaneously pursue independent monetary policies, stabilize their exchange rates, and benefit from free cross-border...