Dollar Stabilization and American Monetary Policy
分析了20世纪50-60年代强美元标准到70年代弱美元标准的转变，探讨维持世界贸易多边化和货币化的条件，以及美国如何调整货币政策以协调美元国际角色弱化与国内货币稳定。
In the 1950's and 1960's a strong dollar standard existed; under fixed exchange rates the monetary policies of most nations were governed by the stable monetary policy of the United States. In the 1970's, the dollar standard was reduced to a weak form where industrial (but not less-developed) countries float their exchange rates to secure more domestic monetary independence, but the financial processes underlying international trade itself remain dollar based. What are the elements of the weak dollar standard necessary for world trade to remain largely monetized and multilateral? How can nations avoid a relapse to the bilateralism and barter that characterized the 1930's? I shall consider first, necessary restraints on foreign exchange intervention and reserve holdings by central banks of industrial economies other than the United States; and second, the proper American monetary policy for reconciling the weakened international role of the dollar with domestic monetary stability.