U.S. MONETARY POLICYINANINTEGRATING WORLD: 1960 TO 2000
U.S. monetary policy has a purely domestic mandate. The Federal Reserve’s task is to promote “maximum employment, price stability and moderate, long-term interest rates ” within the United States. 1 Or, as Arthur Burns put it in 1973, “American monetary policy is not made in Paris; it is made in Was...
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ftciteseerx:oai:CiteSeerX.psu:10.1.1.203.4265 2023-05-15T17:33:25+02:00 U.S. MONETARY POLICYINANINTEGRATING WORLD: 1960 TO 2000 Richard N. Cooper Jane Sneddon Little The Pennsylvania State University CiteSeerX Archives application/pdf http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.203.4265 http://www.bos.frb.org/economic/conf/conf45/conf45e.pdf en eng http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.203.4265 http://www.bos.frb.org/economic/conf/conf45/conf45e.pdf Metadata may be used without restrictions as long as the oai identifier remains attached to it. http://www.bos.frb.org/economic/conf/conf45/conf45e.pdf Assistant Vice President and Economist Federal Reserve Bank of Boston respectively text ftciteseerx 2016-01-07T17:32:11Z U.S. monetary policy has a purely domestic mandate. The Federal Reserve’s task is to promote “maximum employment, price stability and moderate, long-term interest rates ” within the United States. 1 Or, as Arthur Burns put it in 1973, “American monetary policy is not made in Paris; it is made in Washington. ” 2 That said, this paper will argue that global developments have played a significant role in setting the focus and practice of U.S. monetary policy in the years since Frank Morris became President of the Federal Reserve Bank of Boston. When Frank Morris joined the Fed in 1968, the Bretton Woods system—based as it was on the dollar’s unsustainable link to gold—was on the verge of collapse. Even so, the U.S. dollar remained the only viable international transactions currency at that time, and the financial “world ” encompassed a mere handful of nations edging the North Atlantic, plus, grudgingly, Japan. Today, of course, the major currencies are floating, the euro is increasingly used as a transactions currency, and investor horizons have widened to include emerging markets on every continent. Within this changed setting, the U.S. economy has itself become Text North Atlantic Unknown |
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English |
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Assistant Vice President and Economist Federal Reserve Bank of Boston respectively |
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Assistant Vice President and Economist Federal Reserve Bank of Boston respectively Richard N. Cooper Jane Sneddon Little U.S. MONETARY POLICYINANINTEGRATING WORLD: 1960 TO 2000 |
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Assistant Vice President and Economist Federal Reserve Bank of Boston respectively |
description |
U.S. monetary policy has a purely domestic mandate. The Federal Reserve’s task is to promote “maximum employment, price stability and moderate, long-term interest rates ” within the United States. 1 Or, as Arthur Burns put it in 1973, “American monetary policy is not made in Paris; it is made in Washington. ” 2 That said, this paper will argue that global developments have played a significant role in setting the focus and practice of U.S. monetary policy in the years since Frank Morris became President of the Federal Reserve Bank of Boston. When Frank Morris joined the Fed in 1968, the Bretton Woods system—based as it was on the dollar’s unsustainable link to gold—was on the verge of collapse. Even so, the U.S. dollar remained the only viable international transactions currency at that time, and the financial “world ” encompassed a mere handful of nations edging the North Atlantic, plus, grudgingly, Japan. Today, of course, the major currencies are floating, the euro is increasingly used as a transactions currency, and investor horizons have widened to include emerging markets on every continent. Within this changed setting, the U.S. economy has itself become |
author2 |
The Pennsylvania State University CiteSeerX Archives |
format |
Text |
author |
Richard N. Cooper Jane Sneddon Little |
author_facet |
Richard N. Cooper Jane Sneddon Little |
author_sort |
Richard N. Cooper |
title |
U.S. MONETARY POLICYINANINTEGRATING WORLD: 1960 TO 2000 |
title_short |
U.S. MONETARY POLICYINANINTEGRATING WORLD: 1960 TO 2000 |
title_full |
U.S. MONETARY POLICYINANINTEGRATING WORLD: 1960 TO 2000 |
title_fullStr |
U.S. MONETARY POLICYINANINTEGRATING WORLD: 1960 TO 2000 |
title_full_unstemmed |
U.S. MONETARY POLICYINANINTEGRATING WORLD: 1960 TO 2000 |
title_sort |
u.s. monetary policyinanintegrating world: 1960 to 2000 |
url |
http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.203.4265 http://www.bos.frb.org/economic/conf/conf45/conf45e.pdf |
genre |
North Atlantic |
genre_facet |
North Atlantic |
op_source |
http://www.bos.frb.org/economic/conf/conf45/conf45e.pdf |
op_relation |
http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.203.4265 http://www.bos.frb.org/economic/conf/conf45/conf45e.pdf |
op_rights |
Metadata may be used without restrictions as long as the oai identifier remains attached to it. |
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1766131931055915008 |