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U.S. monetary-policy evolution and U.S. intervention

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  • Michael D Bordo
  • Owen F Humpage
  • Anna J Schwartz

Abstract

The United States all but abandoned its foreign-exchange-market intervention operations in late 1995, when they proved corrosive to the credibility of the Federal Reserve?s commitment to price stability. We view this decision as the culmination of the evolution of U.S. monetary policy over the past century from a gold standard to a fiat money regime. The abandonment of intervention was necessary to secure monetary policy credibility.

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Bibliographic Info

Paper provided by Federal Reserve Bank of Cleveland in its series Working Paper with number 1127.

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Date of creation: 2011
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Handle: RePEc:fip:fedcwp:1127

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Keywords: Foreign exchange market ; Monetary policy - United States ; Federal Open Market Committee;

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