In addition to the US dollar, the Canadian dollar, the pound sterling, the Swedish krona and the Spanish peseta also weakened considerably. The lira was hit hard: between mid-February and mid-March it depreciated by 15 per cent.
In his capacity as research director and senior vice-president of the St. Louis Fed, Homer Jones played a significant role in shaping this institution’s monetarist reputation. Four years ago, I was invited to give a speech in Paris.