The balance sheet of the exchange stabilization fund, 1934-2019

In this paper, the author explores the balance sheet of the Exchange Stabilization Fund (ESF) over its first 85 years as a lens though which to analyze the fund. An accompanying spreadsheet workbook provides data from the annual balance sheet of the ESF since the fund’s inception in 1934. These data are available in electronic form for the first time, which will be of interest to those wishing to do quantitative analyses of its role in U.S. monetary policy.Keywords. Exchange Stabilization Fund (ESF), Balance sheet, Assets, Liabilities, Gold, Foreign exchange intervention.JEL. E52, E59, N12.