Skip to main content Accessibility help
×
Hostname: page-component-76fb5796d-5g6vh Total loading time: 0 Render date: 2024-04-27T03:25:25.827Z Has data issue: false hasContentIssue false

5 - The Federal Reserve Engages the World (1970–2000)

An Insider’s Narrative of the Transition to Managed Floating and Financial Turbulence

Published online by Cambridge University Press:  05 March 2016

Michael D. Bordo
Affiliation:
Rutgers University, New Jersey
Mark A. Wynne
Affiliation:
Federal Reserve Bank of Dallas
Get access

Summary

Image of the first page of this content. For PDF version, please use the ‘Save PDF’ preceeding this image.'
Type
Chapter
Information
The Federal Reserve's Role in the Global Economy
A Historical Perspective
, pp. 128 - 194
Publisher: Cambridge University Press
Print publication year: 2016

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Adams, Donald B. and Henderson, Dale W., 1983. “Definition and Measurement of Exchange Market Intervention.” Staff Studies 126. Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Adams, Gwyn, Alexander, Lewis S., and Gagnon, Joseph E., 1992. “German Unification and the European Monetary System: A Quantitative Analysis.” International Finance Discussion Papers 421 (January). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Ahearne, Alan G., Griever, William L., and Warnock, Francis E., 2000. “Information Costs and Home Bias: An Analysis of US Holdings of Foreign Equities.” International Finance Discussion Papers 691 (December, latest version May 2002). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Alexander, Lewis S. and Gagnon, Joseph E., 1990. “The Global Economic Consequences of German Unification.” International Finance Discussion Papers 379 (April). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Bayoumi, Tamim and Bui, Trung, 2010. “Deconstructing the International Business Cycle: Why Does A US Sneeze Give the Rest of the World A Cold?” IMF Discussion Paper WP/10/239 (July). Washington, DC: International Monetary Fund.Google Scholar
Bayoumi, Tamim and Bui, Trung, 2012. “Global Bonding: Do U.S. Bond and Equity Spillovers Dominate Global Financial Markets?” IMF Discussion Paper WP/12/298 (December). Washington, DC: International Monetary Fund.Google Scholar
Bayoumi, Tamim and Swiston, Andrew, 2007. “Foreign Entanglements: Estimating the Source and Size of Spillovers Across Industrial Countries.” IMF Discussion Paper WP/07/182 (July). Washington, DC: International Monetary Fund.CrossRefGoogle Scholar
Berner, Richard, Clark, Peter B., Enzler, Jared, and Lowrey, Barbara, 1974. “International Sources of Domestic Inflation.” International Finance Discussion Papers 55 (November). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Berner, Richard, Clark, Peter B., Howe, Howard, Kwack, Sung, and Stevens, Guy, 1975. “Simultaneous Determination of the US Balance of Payments and Exchange Rates: An Exploratory Report.” International Finance Discussion Papers 59 (February). Washington, DC: Board of Governors of the Federal Reserve System.CrossRefGoogle Scholar
Berner, Richard, Clark, Peter B., Howe, Howard, Kwack, Sung, and Stevens, Guy, 1977. “A Multi-Country Model of the International Influences on the US Economy: Preliminary Results.” International Finance Discussion Papers 115 (December). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
BIS (Bank for International Settlements), 1998. Reports on the International Financial Architecture: Reports of Working Groups. Basel. Available at www.bis.org/publ/othp01.htm (accessed on June 30, 2014).Google Scholar
Bordo, Michael D. and Eichengreen, Barry, 2013. “Bretton Woods and the Great Inflation” in Bordo, Michael D. and Orphanides, Athanasios (eds.), The Great Inflation: The Rebirth of Modern Central Banking. Chicago, IL: University of Chicago Press.Google Scholar
Bordo, Michael D., Humpage, Owen F., and Schwartz, Anna J., 2015. Strained Relations: US Monetary Policy and Foreign-Exchange Operations in the Twentieth Century. Chicago, IL: University of Chicago Press.Google Scholar
Boughton, James M., 2001. Silent Revolution: The International Monetary Fund 1979–1989. Washington, DC: International Monetary Fund.Google Scholar
Boughton, James M., 2012. Tearing Down Walls: The International Monetary Fund 1990–1999. Washington, DC: International Monetary Fund.Google Scholar
Brayton, Flint, Levin, Andrew, Tryon, Ralph, and Williams, John C., 1997. The Evolution of Macro Models at the Federal Reserve Board. Washington, DC: Board of Governors of the Federal Reserve System. Available at www.federalreserve.gov/PUBS/FEDS/1997/199729/199729pap.pdf (accessed on June 6, 2014).Google Scholar
Bryant, Ralph C., 2016. Oral history. Washington: Board of Governors of the Federal Reserve System. Available when released at www.federalreserve.govGoogle Scholar
Bryant, Ralph C., Henderson, Dale W., Holtham, Gerald, Hooper, Peter, and Symansky, Steven A., eds., 1988. Empirical Macroeconomics for Interdependent Economies (two volumes). Washington, DC: Brookings Institution.Google Scholar
Bryant, Ralph C., Holtham, Gerald, and Hooper, Peter, eds., 1988. External Deficits and the Dollar: The Pit and the Pendulum. Washington, DC: Brookings Institution.Google Scholar
Bryant, Ralph C., Hooper, Peter, and Mann, Catherine L. 1993. Evaluating Policy Regimes: New Research in Empirical Macroeconomics. Washington, DC: Brookings Institution.Google Scholar
Bryson, Jay H., 1993. “Macroeconomic Stabilization through Monetary and Fiscal Policy Coordination: Implications for European Monetary Union.” International Finance Discussion Papers 453 (September). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Burns, Arthur F., 1978. The Anguish of Central Banking. Washington, DC: Per Jacobsson Foundation.Google Scholar
Burns, Arthur F., 1985. “Need for Order in International Finance” in Burns, Arthur F. (ed.), Reflections of an Economic Policy Maker: Speeches and Congressional Statements: 1969–1978. Washington, DC: American Enterprise Institute for Public Policy Research.Google Scholar
Clark, Peter B., 1974. “The Effects of Recent Exchange Rates Changes on the US Trade Balance.” International Finance Discussion Papers 52 (September). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Cline, William C., 1983. “International Debt and the Stability of the World Economy.” Policy Analyses in International Economics 4 (September). Washington, DC: Peterson Institute for International Economics.Google Scholar
Cline, William R., 1995. International Debt Reexamined. Washington, DC: Peterson Institute for International Economics.Google Scholar
Cooper, Richard N. and Little, Jane Sneddon 2000. “US Monetary Policy in an Integrating World: 1960–2000” in Kopcke, Richard W. and Browne, Lynn Elaine (eds.), The Evolution of Monetary Policy and the Federal Reserve System Over the Past Thirty Years: A Conference in Honor of Frank E. Morris, Conference Series 45. Boston, MA: Federal Reserve Bank of Boston.Google Scholar
Cross, Sam Y., 1990. “Treasury and Federal Reserve Foreign Exchange Operations: February–April 1990.” Federal Reserve Bank of New York Quarterly Review 15: 6672.Google Scholar
Cross, Sam Y. and Truman, Edwin M., 1990. Task Force on System Foreign Currency Operations. Memorandum to the Federal Open Market Committee (March 9). Available from the FOMC Secretariat, Board of Governors of the Federal Reserve System. Washington, DC.Google Scholar
Danker, Deborah and Hooper, Peter, 1990. “International Financial Markets and the US External Imbalance.” International Finance Discussion Papers 372 (January). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Dooley, Michael P., Helkie, William, Tryon, Ralph, and Underwood, John 1983. “An Analysis of External Debt Positions of Eight Developing Countries Through 1990.” International Finance Discussion Papers 227 (August). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Dooley, Michael P. and Shafer, Jeffrey R. 1976. “Analysis of Short-Run Exchange Rate Behavior March 1973 to September 1975.” International Finance Discussion Papers 76 (February). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Edison, Hali J., 1988a. Evaluation of IF’s Exchange Rate Forecasts 1979–1987. Memorandum to the Exchange Rate Forecasting Group (April 19). Photocopy.Google Scholar
Edison, Hali J., 1988b. Special Board Briefing on Exchange Rate Forecasting (May 23). Photocopy.Google Scholar
Edison, Hali J., 1990. “Foreign Currency Operations: An Annotated Bibliography.” International Finance Discussion Papers 380 (May). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Edison, Hali J. and Kole, Linda S. 1994. “European Monetary Arrangements: Implications for the Dollar, Exchange Rate Variability, and Credibility.” International Finance Discussion Papers 468 (May). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Eichengreen, Barry, 2013. “Does the Federal Reserve Care about the Rest of the World?” Journal of Economic Perspectives 27: 87104.Google Scholar
Fisher, Peter R., 1994. “Treasury and Federal Reserve Foreign Exchange Operations: July to September 1994.” FRBNY Quarterly Review 19: 110.Google Scholar
Fisher, Peter, Kohn, Donald, and Truman, Edwin 1996. Issues Related to Review of System’s Swap Arrangements (March 14). Washington, DC: Board of Governors, FOMC Service Center. Photocopy.Google Scholar
Fisher, Peter and Truman, Edwin 1998. Update on the Federal Reserve Swap Network (September 28). Washington, DC: Board of Governors, FOMC Service Center. Photocopy.Google Scholar
FRB (Board of Governors of the Federal Reserve System), 1971. Meeting of the Federal Open Market Committee: Minutes of Actions (March 9). Washington, DC. Available at www.federalreserve.gov/monetarypolicy/files/fomcmoa19710309.pdf (accessed on June 9, 2014).Google Scholar
FRB (Board of Governors of the Federal Reserve System) 1973. Greenbook (December). Washington, DC. Available at www.federalreserve.gov/monetarypolicy/files/FOMC1973121819731212.pdf (accessed on June 9, 2014).Google Scholar
FRB (Board of Governors of the Federal Reserve System) 1976a. Record of Policy Actions of the Federal Open Market Committee: December 20–21, 1996. Washington, DC. Available at www.federalreserve.gov/monetarypolicy/files/fomcropa19761221.pdf (accessed on June 11, 2014).Google Scholar
FRB (Board of Governors of the Federal Reserve System) 1976b. Transcript: December 20–21, 1996. Washington, DC. Available at www.federalreserve.gov/monetarypolicy/files/FOMC19761221meeting.pdf (accessed on June 11, 2014).Google Scholar
FRB (Board of Governors of the Federal Reserve System) 1980. FOMC Presentation: International Financial Trends. Washington, DC. Available at www.federalreserve.gov/monetarypolicy/files/FOMC19800205material.pdf (accessed on June 13, 2014).Google Scholar
FRB (Board of Governors of the Federal Reserve System) 1981. New Monetary Control Procedures. Federal Reserve Staff Study Volumes I and II. Washington, DC.Google Scholar
FRB (Board of Governors of the Federal Reserve System) 1982. Presentation Materials, October 5, 1982. Washington, DC. Available at www.federalreserve.gov/monetarypolicy/files/FOMC19821005material.pdf (accessed on July 4, 2014).Google Scholar
FRB (Board of Governors of the Federal Reserve System) 1983a. Presentation Materials, May 24, 1983. Washington, DC. Available at www.federalreserve.gov/monetarypolicy/files/FOMC19830524material.pdf (accessed on August 12, 2014).Google Scholar
FRB (Board of Governors of the Federal Reserve System) 1983b. Record of Policy Actions, May 24, 1983. Washington, DC. Available at www.federalreserve.gov/monetarypolicy/files/fomcropa19830524.pdf (accessed on June 28, 2014).Google Scholar
FRB (Board of Governors of the Federal Reserve System) 1984. The US External Position, May 21, 1984. Washington, DC. Available at www.federalreserve.gov/monetarypolicy/files/FOMC19840522material.pdf (accessed on June 24, 2014).Google Scholar
FRB (Board of Governors of the Federal Reserve System) 1985a. Notes for FOMC Meeting, October 1, 1985. Washington, DC. Available at www.federalreserve.gov/monetarypolicy/files/FOMC19851001material.pdf (accessed on June 24, 2014).Google Scholar
FRB (Board of Governors of the Federal Reserve System) 1985b. Presentation Materials, November 4–5, 1985. Washington, DC. Available at www.federalreserve.gov/monetarypolicy/files/FOMC19851217material.pdf (accessed on July 27, 2014).Google Scholar
FRB (Board of Governors of the Federal Reserve System) 1985c. Transcript of Conference Call, January 18, 1985. Washington, DC. Available at www.federalreserve.gov/monetarypolicy/files/FOMC19850118confcall.pdf (accessed on June 24, 2014).Google Scholar
FRB (Board of Governors of the Federal Reserve System) 1987. Presentation Materials: February 10–11, 1987. Washington, DC. Available at www.federalreserve.gov/monetarypolicy/files/FOMC19870211material.pdf (accessed on June 25, 2014).Google Scholar
FRB (Board of Governors of the Federal Reserve System) 1988. Presentation Materials: February 9–10, 1988. Washington, DC. Available at www.federalreserve.gov/monetarypolicy/files/FOMC19880210material.pdf (accessed on June 25, 2014).Google Scholar
FRB (Board of Governors of the Federal Reserve System) 1990a. Presentation Materials: August 21, 1990. Washington, DC. Available at www.federalreserve.gov/monetarypolicy/files/FOMC19900821material.pdf (accessed on June 24, 2014).Google Scholar
FRB (Board of Governors of the Federal Reserve System) 1990b. Presentation Materials: March 27, 1990. Washington, DC. Available at www.federalreserve.gov/monetarypolicy/files/FOMC19900327material.pdf (accessed on June 26, 2014).Google Scholar
FRB (Board of Governors of the Federal Reserve System) 1990c. Record of Policy Actions: March 27, 1990. Washington, DC. Available at www.federalreserve.gov/monetarypolicy/files/fomcropa19900327.pdf (accessed on June 25, 2014).Google Scholar
FRB (Board of Governors of the Federal Reserve System) 1990d. Transcript: March 27, 1990. Washington, DC. Available at www.federalreserve.gov/monetarypolicy/files/FOMC19900327meeting.pdf (accessed on June 25, 2014).Google Scholar
FRB (Board of Governors of the Federal Reserve System) 1992a. Minutes, July 5–6, 1992. Washington, DC. Available at www.federalreserve.gov/fomc/MINUTES/1994/19940706min.htm (accessed on June 29, 2014).Google Scholar
FRB (Board of Governors of the Federal Reserve System) 1992b. Presentation Materials, March 31, 1992. Washington, DC. Available at www.federalreserve.gov/monetarypolicy/files/FOMC19920331material.pdf (accessed on June 29, 2014).Google Scholar
FRB (Board of Governors of the Federal Reserve System) 1994. Transcript: Conference Call July 20, 1994. Washington, DC. Available at www.federalreserve.gov/monetarypolicy/files/FOMC19940720confcall.pdf (accessed on June 30, 2014).Google Scholar
FRB (Board of Governors of the Federal Reserve System) 1996a. Transcript: August 20, 1996. Washington, DC. Available at www.federalreserve.gov/monetarypolicy/files/FOMC19960820meeting.pdf (accessed on June 30, 2014).Google Scholar
FRB (Board of Governors of the Federal Reserve System) 1996b. Transcript: July 23, 1996. Washington, DC. Available at www.federalreserve.gov/monetarypolicy/files/FOMC19960703meeting.pdf (accessed on June 30, 2014).Google Scholar
FRB (Board of Governors of the Federal Reserve System) 1997. Greenbook (November). Available at www.federalreserve.gov/monetarypolicy/files/fomc19971216gbpt119971211.pdf (accessed on August 5, 2014).Google Scholar
FRB (Board of Governors of the Federal Reserve System) 1998a. Greenbook (November). Available at www.federalreserve.gov/monetarypolicy/files/fomc19981117gbpt119981112.pdf (accessed on August 5, 2014).Google Scholar
FRB (Board of Governors of the Federal Reserve System) 1998b. Minutes: November 17, 1998. Washington, DC. Available at www.federalreserve.gov/fomc/minutes/19981117.htm (accessed on June 30, 2014).Google Scholar
FRB (Board of Governors of the Federal Reserve System) 1999a. Greenbook (November). Available at www.federalreserve.gov/monetarypolicy/files/fomc19991116gbpt119991110.pdf (accessed on August 5, 2014).Google Scholar
FRB (Board of Governors of the Federal Reserve System) 1999b. Guide to the Interagency Country Exposure Review Committee Process. Washington, DC. Available at www.federalreserve.gov/boarddocs/SRLETTERS/1999/sr9935a1.pdf (accessed on June 13, 2014).Google Scholar
FRB (Board of Governors of the Federal Reserve System) 2000. Transcript: October 3. Washington, DC. Available at www.federalreserve.gov/monetarypolicy/files/FOMC20001003meeting.pdf (accessed on October 28, 2014).Google Scholar
Freund, Caroline L., 2000. “Current Account Adjustment in Industrial Countries.” International Finance Discussion Papers 692 (December). Washington, DC: Board of Governors of the Federal Reserve System.CrossRefGoogle Scholar
G-6 (Group of Six), 1987. Statement of the G6 Finance Ministers and Central Bank Governors (Louvre Accord). Paris. Available at www.g8.utoronto.ca/finance/fm870222.htm (accessed on July 17, 2014).Google Scholar
G-7 (Group of Seven), 1997. G-7 Statement on the Korean Situation (December 24). Available at www.g8.utoronto.ca/finance/fin_dec2497.htm (accessed on July 24, 2014).Google Scholar
G-10 (Group of Ten), 1996. The Resolution of Sovereign Liquidity Crises: A Report to the Ministers and Governors Prepared under the Auspices of the Deputies. Basel: Bank for International Settlements.Google Scholar
Gagnon, Joseph E., Masson, Paul, and McKibbin, Warwick J. 1996. “German Unification: What Have We Learned from Multi-Country Models?” International Finance Discussion Papers 547 (April). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Gray, Jo Anna and Shafer, Jeffrey R. 1981. “The Implications of a Floating Exchange Rate Regime: A Survey of Federal Reserve System Papers.” International Finance Discussion Papers 173 (January). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Greene, Margaret L., 1984a. “US Experience with Exchange Market Intervention: January–March 1975.” Staff Studies 127. Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Greene, Margaret L., 1984b. “US Experience with Exchange Market Intervention: October 1980–September 1981.” Staff Studies 129. Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Greene, Margaret L., 1984c. “US Experience with Exchange Market Intervention: September 1977–December 1979.” Staff Studies 128. Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Greenspan, Alan, 1998. Is There a New Economy? Remarks at the Haas Annual Business Faculty Research Dialogue (September 4). Berkeley, CA. Available at http://fraser.stlouisfed.org/docs/historical/greenspan/Greenspan_19980904.pdf (accessed on June 26, 2014).Google Scholar
Greenspan, Alan, 2007. The Age of Turbulence: Adventures in a New World. New York, NY: Penguin Press.Google Scholar
Helkie, William L. and Hooper, Peter 1987. “The US External Deficit in the 1980’s: An Empirical Analysis.” International Finance Discussion Papers 304 (February). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Helkie, William L. and Hooper, Peter 1989. “US External Adjustment: Progress and Prospects.” International Finance Discussion Papers 345 (March). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Henderson, Dale W. and Sampson, Stephanie 1983. “Intervention in Foreign Exchange Markets: A Summary of Ten Staff Studies.” Federal Reserve Bulletin 69: 830–36.Google Scholar
Henning, C. Randall, 1994. Currencies and Politics in the United States, Germany, and Japan. Washington, DC: Peterson Institute for International Economics.Google Scholar
Henning, C. Randall, 1999. “The Exchange Stabilization Fund: Slush Money or War Chest?” Policy Analyses in International Economics No. 57. Washington, DC: Peterson Institute for International Economics.Google Scholar
Hooper, Peter, Johnson, Karen, Kohn, Donald L., Lindsey, David E., Porter, Richard D., and Tyron, Ralph W., eds., 1990. Monetary Aggregates and Financial Sector Behavior in Interdependent Economies. Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Hooper, Peter, Johnson, Karen, and Marquez, Jaime 1998. “Trade Elasticities for G-7 Countries.” International Finance Discussion Papers 609 (April). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Hooper, Peter and Mann, Catherine L. 1987. “The US External Deficit: Its Causes and Persistence.” International Finance Discussion Papers 316 (November). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Hooper, Peter, Johnson, Karen, and Marquez, Jaime 1998. “Trade Elasticities for G-7 Countries.” International Finance Discussion Papers 609 (April). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Hooper, Peter and Morton, John 1978a. “Index of the Weighted-Average Exchange Value of the US Dollar: Revision.” Federal Reserve Bulletin 64: 700.Google Scholar
Hooper, Peter and Morton, John 1978b. “Summary Measures of the Dollar’s Foreign Exchange Value.” Federal Reserve Bulletin 64: 783–89.Google Scholar
Hooper, Peter and Morton, John 1980. “Fluctuations in the Dollar: A Model of Nominal and Real Exchange Rate Determination.” International Finance Discussion Papers 169 (October). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Houthakker, Hendrik S. and Magee, Stephen P. 1969. “Income and Price Elasticities in World Trade.” Review of Economics and Statistics 51: 111–25.Google Scholar
Howard, David H., 1989. “The United States as a Heavily Indebted Country.” International Finance Discussion Papers 353 (May). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
IMF (International Monetary Fund), 2014. The Fund’s Lending Framework and Sovereign Debt – Preliminary Considerations (May). Washington, DC.Google Scholar
Isard, Peter, 1977. “The Process of Exchange Rate Determination: A Survey of Popular Views and Recent Models.” International Finance Discussion Papers 101 (September). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Johnson, Karen H., 1994. “International Dimension of European Monetary Union: Implications for the Dollar.” International Finance Discussion Papers 469 (May). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Johnson, Karen H., 2016. Oral history. Washington: Board of Governors of the Federal Reserve System. Available when released at www.federalreserve.govGoogle Scholar
Junz, Helen B., 1973. “Balance of Payments Aims and Structures in the 1970s.” International Finance Discussion Papers 38 (December). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Jurgensen, Philippe, 1983. Report of the Working Group on Exchange Market Intervention. Washington, DC: US Department of the Treasury (March). Photocopy.Google Scholar
Kamin, Steven B., 1996. “Real Exchange Rates and Inflation in Exchange-Rate Based Stabilizations: An Empirical Examination.” International Finance Discussion Papers 554 (June). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Kamin, Steven B. and Rogers, John H. 1996. “Monetary Policy in the End-Game to Exchange-Rate Based Stabilizations: The Case of Mexico.” International Finance Discussion Papers 540 (February). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Kamin, Steven B. and Rogers, John H. 1997. “Output and the Real Exchange Rates in Developing Countries: An Application to Mexico.” International Finance Discussion Papers 580 (May). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Katz, Samuel I., 1973. “‘Imported Inflation’ and the Balance of Payments.” International Finance Discussion Papers 115 (December). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Kwack, Sung Y., 1973. “The Effect of Foreign Inflation on Domestic Prices and the Relative Price Advantage of Exchange Rate Changes.” International Finance Discussion Papers 35 (November). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Lane, Philip R. and Milesi-Ferretti, Gian Maria 2007. “The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities, 1970–2004.” Journal of International Economics 73: 223–50.Google Scholar
Leahy, Michael P., 1998. “New Summary Measures of the Foreign Exchange Value of the Dollar.” Federal Reserve Bulletin 84: 811–18.Google Scholar
Loretan, Mico, 2005. “Indexes of the Foreign Exchange Value of the Dollar.” Federal Reserve Bulletin 91: 18.Google Scholar
Lubitz, Raymond, 1978. “The Italian Economic Crises of the 1970s.” International Finance Discussion Papers 120 (June). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Mann, Catherine L., 1999. Is the US Trade Deficit Sustainable? Washington, DC: Peterson Institute for International Economics.Google Scholar
Meltzer, Allan H., 2009. A History of the Federal Reserve. Volume 2, Book 2, 1970–1986. Chicago, IL: University of Chicago Press.Google Scholar
Meltzer, Allan H., 2013. “Comment on Bordo and Eichengreen” in Bordo, Michael D. and Orphanides, Athanasios (eds.), The Great Inflation: The Rebirth of Modern Central Banking, Chicago, IL: University of Chicago Press.Google Scholar
Meese, Richard and Rogoff, Kenneth 1981. “Empirical Exchange Rate Models of the Seventies: Are Any Fit to Survive?” International Finance Discussion Papers 184 (June). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Meese, Richard and Rogoff, Kenneth 1982. “The Out-of-Sample Failure of Exchange Rate Models: Sampling Error or Misspecification?” International Finance Discussion Papers 204 (March). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Meese, Richard and Rogoff, Kenneth 1983. “Empirical Exchange Rate Models of the Seventies: Do They Fit Out-of-Sample?” Journal of International Economics 14: 324.Google Scholar
Pardee, Scott E., 1981. Notes for FOMC Meeting, May 18, 1981. Washington, DC: Board of Governors of the Federal Reserve System. Available at www.federalreserve.gov/monetarypolicy/files/FOMC19810331material.pdf (accessed on June 24, 2014).Google Scholar
Pauls, B. Dianne, 1987. “Measuring the Foreign Exchange Value of the Dollar.” Federal Reserve Bulletin 73: 411–22.Google Scholar
Pauls, B. Dianne, 1990. “U.S. Exchange Rate Policy: Bretton Woods to Present.” Federal Reserve Bulletin 76: 891908.Google Scholar
Schenk, Catherine, 2010. The Decline of Sterling: Managing the Retreat of an International Currency 1945–1992. Cambridge, UK: Cambridge University Press.CrossRefGoogle Scholar
Sheets, Nathan, 1995. “Capital Flight from the Countries in Transition: Some Theory and Empirical Evidence.” International Finance Discussion Papers 514 (July). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Sheets, Nathan and Boata, Simona 1996. “Eastern European Export Performance during the Transition.” International Finance Discussion Papers 562 (September). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Siegman, Charles J., 1994. “The Bank for International Settlements and the Federal Reserve.” Federal Reserve Bulletin 80: 900–06.Google Scholar
Silber, William L., 2012. Volcker: The Triumph of Persistence. New York, NY: Bloomsbury Press.Google Scholar
Solomon, Robert, 1977. The International Monetary System 1945–1981: An Insider’s View. New York, NY: Harper and Row.Google Scholar
Solomon, Robert, 2016. Oral history. Washington: Board of Governors of the Federal Reserve System. Available when released at www.federalreserve.govGoogle Scholar
Stekler, Lois E. and Helkie, William L. 1989. “Implications for Future US Net International Investment Position of Growing US Net International Indebtedness.” International Finance Discussion Papers 358 (July). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Stevens, Guy, Berner, Richard, Clark, Peter B., Hernandez-Cata, Ernesto, Howe, Howard, and Kwack, Sung 1984. The U.S. Economy in an Interdependent World: A Multicountry Model. Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Summit Finance Ministers, Central Bank Governors, and Representatives of the European Community, 1983. Statement on the Intervention Study, April 29.Google Scholar
Truman, Edwin M., 1982. International Economic and Financial Conditions. Available at www.federalreserve.gov/monetarypolicy/files/FOMC19821116material.pdf (accessed on June 15, 2014).Google Scholar
Truman, Edwin M., 2003a. Inflation Targeting in the World Economy. Washington, DC: Peterson Institute for International Economics.Google Scholar
Truman, Edwin M., 2003b. “The Limits of Exchange Market Intervention” in Bergsten, C. Fred and Williamson, John (eds.), Dollar Overvaluation and the World Economy. Washington, DC: Peterson Institute for International Economics.Google Scholar
Truman, Edwin M., 2004. “A Critical Review of Coordination Efforts in the Past” in Siebert, Horst (ed.), Macroeconomic Policies in the World Economy. Berlin: Springer Verlag.Google Scholar
Truman, Edwin M., 2005. Reflections [Monetary Policy 25 Years after October 1979]. Federal Reserve Bank of St. Louis Review 87: 353–57.Google Scholar
Truman, Edwin M., 2006. “What Can Exchange Rates Tell Us?” in Mussa, Michael (ed.), C. Fred Bergsten and the World Economy. Washington, DC: Peterson Institute for International Economics.Google Scholar
Truman, Edwin M., 2012. “John Williamson and the Evolution of the International Monetary System.” PIIE Working Paper 12–13 (August). Washington, DC: Peterson Institute for International Economics.Google Scholar
Truman, Edwin M., 2016. Oral History. Washington, DC: Board of Governors of the Federal Reserve System. Available when released at www.federalreserve.govGoogle Scholar
Truman, Edwin M., et al., 1981. “The New Federal Reserve Operating Procedures: An External Perspective” in New Monetary Control Procedures. Federal Reserve Staff Study Volumes I and II. Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
US Treasury, 2014. U.S.–China Joint Fact Sheet: Sixth Meeting of the Strategic and Economic Dialogue. Washington, DC. Available at www.treasury.gov/press-center/press-releases/Pages/jl2561.aspx (accessed on July 24, 2014).Google Scholar
Volcker, Paul A., 1980. The Recycling Problem Revisited. Remarks before the Graduate School of Business Administration, New York University (March 1). New York, NY. Available at http://fraser.stlouisfed.org/docs/historical/volcker/Volcker_19800301.pdf (accessed on June 13, 2014).Google Scholar
Volcker, Paul A. and Gyohten, Toyoo 1992. Changing Fortunes: The World’s Money and the Threat to American Leadership. New York, NY: Times Books.Google Scholar
Warnock, Francis E. and Mason, Molly 2000. “The Geography of Capital Flows: What We Can Learn from Benchmark Surveys of Foreign Equity Holdings.” International Finance Discussion Papers 688 (December, latest version April 2001). Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Woodward, Bob, 2000. Maestro: Greenspan’s Fed and the American Boom. New York, NY: Simon and Schuster.Google Scholar

References

Backus, David and Kehoe, Patrick, 1989. On the Denomination of Government Debt: A Critique of the Portfolio Balance Approach. Journal of Monetary Economics 25(3): 359–79.Google Scholar
Dooley, Michael, 1982. An Analysis of Exchange Market Intervention of Industrial and Developing Countries. IMF Staff Papers 29: 233–69.Google Scholar
Krishnamurthy, Arvind and Vissing-Jorgensen, Annette, 2011. “The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy,” Brookings Papers on Economic Activity, 215–65.Google Scholar
Rudebusch, Glenn D., 2011. “The Fed’s Interest Rate Risk,” Economic Letter, Federal Reserve Bank of San Francisco, April 11.Google Scholar

Save book to Kindle

To save this book to your Kindle, first ensure coreplatform@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×