NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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The Historical Origins of U.S. Exchange Market Intervention Policy

Michael D. Bordo, Owen Humpage, Anna J. Schwartz

NBER Working Paper No. 12662
Issued in November 2006

---- Acknowledgments ----

Paper prepared for the Conference "Exchange Rate Intervention: Theory and Evidence" Cambridge University, September 7-8, 2006. This article is based on research underlying a forthcoming monograph on U.S. Exchange Market Intervention by the authors. For helpful comments on an earlier draft of this paper we thank Paul DeGrauwe and Charles Goodhart. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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