Artículos: The Evolution of the Federal Reserve Swap Lines since 1962

Michael Bordo (Rutgers University), junto a Owen F.Humpage, y Schwartz, Anna J. (ambos de Federal Reserve Bank of Cleveland), han publicado The Evolution of the Federal Reserve Swap Lines since 1962. El abstract nos resume: "In this paper, we describe the evolution of the Federal Reserve’s swap lines from their inception in 1962 as a mechanism to forestall claims on US gold reserves under Bretton Woods to their use during the Great Recession as a means of extending emergency dollar liquidity. We describe the Federal Reserve’s successes and failures. We argue that swaps calm crisis situations by both supplementing foreign countries’ dollar reserves and by signaling central-bank cooperation. We show how swaps exposed the Federal Reserve to conditionality and raised fears that they bypassed the Congressional appropriations process."

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Artículo: Federal Reserve Policy and Bretton Woods

Michael Bordo y Owen F. Humpage publicaron Federal Reserve Policy and Bretton Woods. En su abstract se resume: "During the Bretton Woods era, balance-of-payments developments, gold losses, and exchange-rate concerns had little influence on Federal Reserve monetary policy, even after 1958 when such issues became critical. The Federal Reserve could largely disregard international considerations because the U.S. Treasury instituted a number of stopgap devices—the gold pool, the general agreement to borrow, capital restraints, sterilized foreign-exchange operations—to shore up the dollar and Bretton Woods. These, however, gave Federal Reserve policymakers the latitude to focus on the domestic objectives and shifted responsibility for international developments to the Treasury. Removing the pressure of international considerations from Federal Reserve policy decisions made it easier for the Federal Reserve to pursue the inflationary policies of the late 1960s and 1970s that ultimate destroyed Bretton Woods. In the end, the Treasury’s stopgap devices, which were intended to support Bretton Woods, contributed to its demise"

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Artículos: Shifting Mandates: The Federal Reserve's First Centennial

Con motivo del centenario de la FED, Carmen M. Reinhart y Rogoff, Kenneth S. publicaron Shifting Mandates: The Federal Reserve's First Centennial, en cuyo abstract leemos: "The Federal Reserve's mandate has evolved considerably over the organization's hundred-year history. It was changed from an initial focus in 1913 on financial stability, to fiscal financing in World War II and its aftermath, to a strong anti-inflation focus from the late 1970s, and then back to greater emphasis on financial stability since the Great Contraction. Yet, as the Fed's mandate has expanded in recent years, its range of instruments has narrowed, partly based on a misguided belief in the inherent stability of financial markets. We argue for a return to multiple instruments, including a more active role for reserve requirements."

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