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1、AHISTORYOFTHEFEDERALRESERVEallanh.meltzerahistoryoftheFederalReservevolumeii,booktwo,1970–1986theuniversityofchicagopress•chicagoandlondonAllanH.MeltzeristheTheUniversityofChicagoPress,Chicago60637AllanH.MeltzerUniversityTheUniversityofChicagoPress,Ltd.,LondonPr
2、ofessorofPoliticalEconomy©2009byTheUniversityofChicagoatCarnegieMellonUniversityAllrightsreserved.Published2009andVisitingScholaratPrintedintheUnitedStatesofAmericatheAmericanEnterpriseInstitute.Heistheauthor1817161514131211100912345ofmanybooks,includingAHistory
3、oftheFederalisbn-13:978-0-226-51994-4(cloth)Reserve:VolumeI,alsopublishedbytheUniversityisbn-10:0-226-51994-5(cloth)ofChicagoPress.LibraryofCongressCataloging-in-PublicationDataMeltzer,AllanH.AhistoryoftheFederalReserve/AllanH.Meltzer.p.cm.Includesbibliographica
4、lreferencesandindex.Contents:v.1.1913–1951—isbn0-226-51999-6(v.1:alk.paper)1.FederalReservebanks.2.BoardofGovernorsoftheFederalReserveSystem(U.S.)I.Titlehg2563.m3832003332.1′1′0973—dc212002072007Thepaperusedinthispublicationmeetsthemini-mumrequirementsoftheAmeri
5、canNationalStandardforInformationSciences—PermanenceofPaperforPrintedLibraryMaterials,ansiz39.48-1992.contents5InternationalMonetaryProblems,1964–716846UnderControls:CampDavidandBeyond7597WhyMonetaryPolicyFailedAgaininthe1970s8438Disinflation10089RestoringStabil
6、ity,1983–86113210PastProblemsandFutureOpportunities1216Epilogue:TheGlobalFinancialCrisis1243References1257Index1279AHISTORYOFTHEFEDERALRESERVEfiveInternationalMonetaryProblems,1964–71Aworldwidesystemofflexiblerateswould,Iverymuchfear,beacontinuousinvitationtoecon
7、omicwarfareascountriesmaneuveredtheirratesagainsteachother—ormorecharita-bly,influencedtheirownratestoreflectineachcasetheimmediateinterestofthecountryconcerned.Therethenwouldbenowidelyrecognizedestablishedratelevels,andnopre-sumptionofanyobligationtomaintainrates
8、tability....“Idoubtthatforwardmarketscouldeverasapracticalmattergetstartedinanycurrencies—exceptperhapsatdiscountssolargeastomakethenominalmarketsmeaningless”—RobertV