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Owen F. Humpage

Owen F. Humpage is a senior economic advisor in the Research Department of the Federal Reserve Bank of Cleveland.

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US Foreign-Exchange Operations and Monetary Policy in the Twentieth Century

by Michael D. Bordo, Owen F. Humpage, Anna J. Schwartzvia University of Chicago Press
Monday, March 2, 2015

During the twentieth century, foreign-exchange intervention was sometimes used in an attempt to solve the fundamental trilemma of international finance, which holds that countries cannot simultaneously pursue independent monetary policies, stabilize their exchange rates, and benefit from free cross-border financial flows.