TY  - JOUR
AU  - Bordo, Michael D
AU  - Humpage, Owen
AU  - Schwartz, Anna J
TI  - Epilogue: Foreign-Exchange-Market Operations in the Twenty-First Century
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 17984
PY  - 2012
Y2  - April 2012
DO  - 10.3386/w17984
UR  - http://www.nber.org/papers/w17984
L1  - http://www.nber.org/papers/w17984.pdf
N1  - Author contact info:
Michael D. Bordo
Department of Economics
Rutgers University
New Jersey Hall
75 Hamilton Street
New Brunswick, NJ 08901
Tel: 732/822-7152
Fax: 732/932-7416
E-Mail: bordo@econ.rutgers.edu

Owen Humpage
Federal Reserve Bank of Cleveland
P.O. Box 6387
Cleveland, OH  44101-1387
Tel: 216 579 2019
Fax: 216 579 3050
E-Mail: owen.f.humpage@clev.frb.org

Anna J. Schwartz
E-Mail: N/A user is deceased
M1  - published as Michael D. Bordo, Owen F. Humpage, Anna J. Schwartz. "Epilogue: Foreign-Exchange-Market Operations in the Twenty-First Century," in Michael D. Bordo, Owen F. Humpage, and Anna J. Schwartz, "Strained Relations: U.S. Foreign-Exchange Operations and Monetary Policy in the Twentieth Century" University of Chicago Press (2015)

AB  - Foreign-exchange operations did not end after the United States stopped its activist approach to intervention.  Japan persisted in such operations, but avoided overt conflict with its monetary policy.  With the on-set of the Great Recession, Switzerland has transacted in foreign exchange both for monetary and exchange-rate purposes, and key central banks have used swap facilities to extended their lender-of-last-resort functions.  Developing and emerging market economies continue to intervene, but their actions may hamper the development of their own foreign-exchange markets.  China's undervalued exchange rate is producing inflation and real appreciation, despite China's efforts to sterilize its reserve accumulation.
ER  -