Strained Relations

Considers 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.

---

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.