Foreign Exchange Intervention

Michael D. Bordo
Rutgers University

Owen F. Humpage
Federal Reserve Bank of Cleveland

Anna J. Schwartz
National Bureau of Economic Research

with the support of the National Bureau of Economic Research

This project traces the history of U.S. foreign exchange intervention from the second Bank of the United States to the present.

The findings and conclusions are solely those of the authors and not necessarily those of the Federal Reserve Bank of New York, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of Cleveland, or the U.S. Treasury.

Click here for access to our key data set.

U.S. Foreign-Exchange Holdings, 1961-1997
These data were compiled by the authors not by the Federal Reserve Bank of New York, the Board of Governors of the Federal Reserve System, or the U.S. Treasury.