Policies for an Uncertain World
journal contributionposted on 2011-03-29, 00:00 authored by Allan MeltzerAllan Meltzer
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.