Postwar Bretton Woods monetary policy and U.S. exchange-rate management (1951-1971)

1. Bretton Woods dollar–gold peg anchors exchange rates

   Jan 1, 1951Labels: Bretton Woods, U S

   • WGC Bretton
   • WGC IMF

2. Treasury–Federal Reserve Accord restores policy independence

   Mar 4, 1951Labels: Treasury Fed, Federal Reserve

   • Fed History
   • FRASER

3. Treasury resumes foreign exchange intervention operations

   Mar 1, 1961Labels: Exchange Stabilization, U S

   • Treasury ESF

4. London Gold Pool created to defend $35 gold price

   Nov 1, 1961Labels: London Gold, central banks

   • London Pool
   • LBMA

5. Federal Reserve joins Treasury in FX operations

   Feb 1, 1962Labels: Federal Reserve, U S

   • Treasury ESF

6. Fed establishes reciprocal currency swap lines

   Dec 31, 1962Labels: Federal Reserve, swap lines

   • Brookings
   • Cleveland Fed

7. Interest Equalization Tax proposal targets capital outflows

   Jul 18, 1963Labels: Interest Equalization, John F

   • State FRUS
   • IET

8. Interest Equalization Tax enacted into law

   Sep 2, 1964Labels: Interest Equalization, U S

   • State FRUS

9. Voluntary foreign credit restraint program announced

   Feb 10, 1965Labels: Federal Reserve, voluntary restraint

   • FEDS Paper
   • State FRUS

10. Mandatory U.S. controls begin on direct investment abroad

    Jan 1, 1968Labels: U S, direct investment

    • CIA FOIA
    • FEDS Paper

11. London Gold Pool collapses amid gold market pressures

    Mar 1, 1968Labels: London Gold, gold market

    • London Pool
    • LBMA

12. Two-tier gold system adopted to separate markets

    Mar 17, 1968Labels: Two-tier gold, central banks

    • Britannica
    • UK Hansard

13. U.S. suspends dollar convertibility into gold

    Aug 15, 1971Labels: Gold window, Richard Nixon

    • State Milestones
    • Nixon Shock