Working Paper

The Federal Reserve engages the world (1970-2000): an insider's narrative of the transition to managed floating and financial turbulence


Abstract: This paper traces the evolution of the Federal Reserve and its engagement with the global economy over the last three decades of the 20th century: 1970 to 2000. The paper examines the Federal Reserve?s role in international economic and financial policy and analysis covering four areas: the emergence and taming of the great inflation, developments in US external accounts, foreign exchange analysis and activities, and external financial crises. It concludes that during this period the US central bank emerged to become the closest the world has to a global central bank.

JEL Classification: F32; E4; F34; F53; F31; F3; F52; F5; F33; E42;

https://doi.org/10.24149/gwp210

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Bibliographic Information

Provider: Federal Reserve Bank of Dallas

Part of Series: Globalization Institute Working Papers

Publication Date: 2014-10-01

Number: 210

Pages: 56 pages

Note: Published as: Truman, Edwin M. (2016), "The Federal Reserve Engages the World (1970–2000): An Insider’s Narrative of the Transition to Managed Floating and Financial Turbulence," in The Federal Reserve's Role in the Global Economy: A Historical Perspective, ed. Michael D. Bordo and Mark A. Wynne (New York, NY: Cambridge University Press), 128-190.