Post-2003 US pressure for Chinese currency appreciation has met with concerns regarding the possible impact on China's economic growth and vulnerable financial system. Such pressure was transmitted in a more tangible form in the 1930s under the post-1933 US silver purchase program. New empirical...

The very low interest rates and inflation rates of recent years has generated renewed interest in alternative policies that would not leave central banks trapped by the zero lower bound on nominal interest rates. Amongst this debate, surprisingly little attention has been paid to the possibility...