The Federal Reserve Engages the World (1970-2000): An Insider's Narrative of the Transition to Managed Floating and Financial Turbulence

Edwin Truman

No WP14-5, Working Paper Series from Peterson Institute for International Economics

Abstract: This paper traces the evolution of the Federal Reserve and its engagement with the global economy over the last three decades of the 20th century: 1970 to 2000. The paper examines the Federal Reserve's role in international economic and financial policy and analysis covering four areas: the emergence and taming of the great inflation, developments in US external accounts, foreign exchange analysis and activities, and external financial crises. It concludes that during this period the US central bank emerged to become the closest the world has to a global central bank.

Keywords: Federal Reserve; Federal Open Market Committee; inflation; macroeconomic policies; monetary policy; external balance; exchange rates; exchange market intervention; financial crises; third world debt crises; Mexican crisis; Asian financial crises (search for similar items in EconPapers)
JEL-codes: E4 E42 F3 F31 F32 F33 F34 F5 F52 F53 (search for similar items in EconPapers)
Date: 2014-08
New Economics Papers: this item is included in nep-cba, nep-his, nep-hpe, nep-mac, nep-mon, nep-opm and nep-sea
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Working Paper: The Federal Reserve engages the world (1970-2000): an insider's narrative of the transition to managed floating and financial turbulence (2014)
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