09 November 2016
US foreign exchange operations and monetary policy in the twentieth century
Michael D Bordo, Owen F Humpage and Anna J Schwartz, National Bureau of Economic
2015, University of Chicago Press, 496 pages,
Reviewer: William A Allen, Economic & Financial Consultant
I begin this review by declaring a personal interest. I was the head of the Bank of England foreign exchange division from 1990-94, and in that capacity responsible for conducting extensive foreign exchange operations. So I know something about the subject, but I may have unconscious prejudices.
The book under review was begun as long ago as 1990, and one of the distinguished authors,…
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