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

Leading academics and senior policy makers provide an international perspective on the changing role of the US Federal Reserve System.Based on a conference held as part of the US Federal Reserve System's centennial, this book critically evaluates the role of the Federal Reserve System in the international monetary system over the past one hundred years and looks ahead to the challenges it will face under the twenty-first-century fiat standard.Based on a conference held as part of the US Federal Reserve System's centennial, this book critically evaluates the role of the Federal Reserve System in the international monetary system over the past one hundred years and looks ahead to the challenges it will face under the twenty-first-century fiat standard.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 191433 Barry Eichengreen; Comments on Eichengreen Harold James; 3. Navigating constraints: the evolution of Federal Reserve monetary policy, 193559 Mark Carlson and David Wheelock; Comments on Carlson and Wheelock Gary Richardson; 4. Federal Reserve policy and Brel3‰