Strained relations : US foreign-exchange operations and monetary policy in the twentieth century / Michael D. Bordo, Owen F. Humpage, and Anna J. Schwartz.

Includes bibliographical references and index.

On the evolution of U.S. foreign-exchange-market intervention : thesis, theory, and institutions -- Exchange market policy in the United States : antecedents and precedents -- Introducing the exchange stabilization fund, 1934-1961 -- U.S. intervention during the Bretton Woods era, 1962-1973 -- U.S. intervention and the early dollar float, 1973-1981 -- U.S. foreign-exchange-market intervention during the Volcker-Greenspan era, 1981-1997 -- Lessons from the evolution of U.S. monetary and intervention policies -- Epilogue : foreign-exchange-market operations in the twenty-first century.

Print version record.

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, stabilise their exchange rates, and benefit from free cross-border financial flows. Drawing on a trove of previously confidential data, 'Strained Relations' reveals the evolution of US policy regarding currency market intervention, and its interaction with monetary policy.

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