The Federal Reserve's Role in the Global Economy
A Historical Perspective

Leading academics and senior policy makers provide an international perspective on the changing role of the US Federal Reserve System.

Michael D. Bordo (Edited by), Mark A. Wynne (Edited by)

9781316506554, Cambridge University Press

Paperback / softback, published 23 January 2020

343 pages, 27 b/w illus.
23 x 15.2 x 1.6 cm, 0.45 kg

'The many papers in this volume celebrate the 100th anniversary of the Federal Reserve System by recounting vignettes from its history. An advantage of the volume is that it brings many perspectives through the papers and discussants. It should become the starting point for deeper research into several of the issues. I recommend it to students and the many professionals who follow the Fed and try to understand it.' Allan Meltzer, Carnegie Mellon Tepper School of Business

The importance of international considerations in the US Federal Reserve System's deliberations has become more and more important over time as global financial crises and events create ever stronger repercussions in the US economy. This book critically evaluates the role of the Federal Reserve System as a player in the international monetary system over the past one hundred years, starting with its initial responsibility under the gold standard and looking ahead to the challenges it will face in the twenty-first century under the fiat standard. The book is based on a conference of the same name held at the Federal Reserve Bank of Dallas in September 2014, as part of the Federal Reserve System's centennial, and contributors include many of the most highly regarded financial historians and policymakers.

Preface
Conference speaker bios
1. Introduction Michael Bordo and Mark Wynne
2. Doctrinal determinants, domestic and international, of Federal Reserve policy 1914–33 Barry Eichengreen
Comments on Eichengreen Harold James
3. Navigating constraints: the evolution of Federal Reserve monetary policy, 1935–59 Mark Carlson and David Wheelock
Comments on Carlson and Wheelock Gary Richardson
4. Federal Reserve policy and Bretton Woods Michael Bordo and Owen Humpage
Comments on Bordo and Humpage James Boughton
5. The Federal Reserve engages the world (1970–2000): an insider's narrative of the transition to managed floating and financial turbulence Edwin M. Truman
Comments on Truman Michael Dooley
6. The Federal Reserve in a globalized world economy John Taylor
Comments on Taylor Richard Clarida
7. Unprecedented actions: the Federal Reserve's response to the global financial crisis in historical perspective Frederic S. Mishkin and Eugene White
Comments on Mishkin and White Steven Kamin
8. Panel discussion on the Federal Reserve's role in international financial crises featuring remarks by Donald Kohn, Charles Bean, Guillermo Ortiz and Stephen Cecchetti
9. The Robert V. Roosa Lecture: excerpts from a conversation between Richard Fisher and Paul Volcker Richard Fisher and Paul Volcker.

Subject Areas: Economic history [KCZ], Economic & financial crises & disasters [KCX], International finance [KCLF], Monetary economics [KCBM]