The So-Called Devaluation Bias in a System of Adjustable Pegs: The Theory of the Devaluation Bias

descriptionPublicationkeyboard_double_arrow_right Article 01 Jan 1972Publisher:Board of Governors of the Federal Reserve SystemJournal:International Finance Discussion Papers, volume 1,972, pages 1-18 (issn: 1073-2500,

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Authors: George B. Henry; Don E. Roper;

doi: 10.17016/ifdp.1972.8

The So-Called Devaluation Bias in a System of Adjustable Pegs: The Theory of the Devaluation Bias

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Abstract

It has been argued taht the Bretton Woods system of adustable pegs contains a "devaluation bias" against the dollar. That is, there is a systemtic tendency for the U.S. dollar to become progressively overvalues with the passage of time.

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Federal Reserve
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