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- Title
The Fed as the Engine of Worldwide Inflation.
- Authors
McKinnon, Ronald
- Abstract
The United States is a sovereign country that has the right to follow its own monetary policy. By an accident of history, since 1945 it is also the center of the world dollar standard-which remains surprisingly robust to the present day. So the choice of monetary policy by the U.S. Federal Reserve can strongly affect its neighbors for better or for worse. Beginning with the Nixon shock in 1971, American policy makers have frequently ignored foreign complaints. But by ignoring feedback effects from the rest of the world, the Fed has made both the world and American economies less stable.
- Subjects
UNITED States; FOREIGN exchange rates; BOARD of Governors of the Federal Reserve System (U.S.); INTEREST rates; DOLLAR; PRICE inflation; MONETARY policy
- Publication
Open Economies Review, 2012, Vol 23, Issue 1, p109
- ISSN
0923-7992
- Publication type
Article
- DOI
10.1007/s11079-011-9218-0