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Economic Commentary

Exchange-Market Intervention and U.S. Monetary Policy

The United States often buys or sells foreign currencies, hoping to influence dollar’exchange rates. The most visible result of these transactions, however, seems to be a continuing debate about their appropriateness.

The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This paper and its data are subject to revision; please visit for updates.

Suggested Citation

Humpage, Owen F. 1991. “Exchange-Market Intervention and U.S. Monetary Policy.” Federal Reserve Bank of Cleveland, Economic Commentary 11/1/1991.

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