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Strained Relations: U.S. Foreign-Exchange Operations and Monetary Policy in the Twentieth Century, by Michael D. Bordo, Owen F. Humpage, and Anna J. Schwartz, is now available from the University of Chicago Press.
During the 20th Century, foreign-exchange intervention was sometimes used in an attempt to solve the fundamental trilemma of international finance, which holds that countries cannot simultaneously pursue independent monetary policies, stabilize their exchange rates, and benefit from free cross-border financial flows. Drawing on a trove of previously confidential data, Strained Relations reveals the evolution of U.S. policy regarding currency market intervention, and its interaction with monetary policy. The authors consider how foreign-exchange intervention was affected by changing economic and institutional circumstances - most notably the abandonment of the international gold standard - and how political and bureaucratic factors affected this aspect of public policy.
This National Bureau of Economic Research Monograph costs $97.50
Economic Analysis of the Digital Economy, edited by Avi Goldfarb, Shane M. Greenstein, and Catherine E. Tucker, is upcoming from the University of Chicago Press.
As the cost of storing, sharing, and analyzing data has decreased, economic activity has become increasingly digital. But while the effects of digital technology and improved digital communication have been explored in a variety of contexts, the impact on economic activity - from consumer and entrepreneurial behavior to the ways in which governments determine policy - is less well understood.
Economic Analysis of the Digital Economy explores the economic impact of digitization, with each chapter identifying a promising new area of research. The Internet is one of the key drivers of growth in digital communication, and the first set of chapters discusses basic supply-and-demand factors related to access. Later chapters discuss new opportunities and challenges created by digital technology and describe some of the most pressing policy issues. As digital technologies continue to gain in momentum and importance, it has become clear that digitization has features that do not fit well into traditional economic models. This suggests a need for a better understanding of the impact of digital technology on economic activity. Economic Analysis of the Digital Economy brings together leading scholars to explore this emerging area of research.
A National Bureau of Economic Research Conference Report, $130.00