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. The authors consider how foreign-exchange intervention was affected by changing economic and institutional circumstances - most notably the abandonment of the international gold standard - and how political and bureaucratic factors affected this aspect of public policy.
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Michael D. Bordo is professor of economics at Rutgers, the State University of New Jersey, and a research associate of the NBER. Owen F. Humpage is a senior economic advisor in the Research Department of the Federal Reserve Bank of Cleveland. Anna J. Schwartz (1915-2012) was a research associate of the NBER.
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