Bordo, Michael D.
[Verfasser:in]
;
Humpage, Owen
[Sonstige Person, Familie und Körperschaft];
Schwartz, Anna J.
[Sonstige Person, Familie und Körperschaft]
U.S. Monetary-Policy Evolution and U.S. Intervention
Erschienen in:FRB of Cleveland Working Paper ; No. 11-27
Umfang:
1 Online-Ressource (13 p)
Sprache:
Englisch
DOI:
10.2139/ssrn.1950308
Identifikator:
Entstehung:
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments October 27, 2011 erstellt
Beschreibung:
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