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Abstract or Description

From 1947 to 1964 the United States maintained a relatively stable monetary framework under which many countries recovered, developed, and prospered. Inflation remained low in the United States and in other nations that tied the values of their currencies-their exchange rates-to the dollar. The framework and the procedures were not ideal, but they produced greater stability than the monetary systems that preceded or followed.


presented at Federal Reserve Bank of Kansas City, Jackson Hole symposium, 1976