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Credit, Financial Stability, and the Macroeconomy

Taylor, Alan M. - C.E.P.R. Discussion Papers - 2015

Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a...

Persistent link: https://www.econbiz.de/10011213304

The Importance of Sound Monetary Policy : Some Lessons for Today from Canada's Experience with Floating Exchange Rates Since 1950

Bordo, Michael D.; Siklos, Pierre L. - National Bureau of Economic Research - 2023

In this paper we revisit the Canadian experience with floating exchange rates since 1950. Canada was a pioneer in successfully adopting a floating exchange rate during the Bretton Woods pegged exchange rate regime. Since then, most advanced countries have followed the Canadian example

Persistent link: https://www.econbiz.de/10014372411

The imbalances of the Bretton Woods system 1965 to 1973 : U.S. inflation, the elephant in the room

Bordo, Michael D. - In: Open economies review 31 (2020) 1, pp. 195-211

Persistent link: https://www.econbiz.de/10012229712

US inflation and the imbalances of the Bretton Woods System, 1965-1973

Bordo, Michael D. - In: Economic globalization and governance : essays in honor …, (pp. 75-90). 2021

This chapter argues that the key deep underlying fundamental for the growing international imbalances leading to the collapse of the Bretton Woods System between 1971 and 1973 was rising US inflation since 1965. It was driven in turn by expansionary fiscal and monetary policies - the elephant in...

Persistent link: https://www.econbiz.de/10012310781

Federal Reserve policy and Bretton Woods

Bordo, Michael D.; Humpage, Owen F. - 2014

Persistent link: https://www.econbiz.de/10010441403

Trapped in the Trilemma : When Security Trumps Economics

Bordo, Michael D.; James, Harold - National Bureau of Economic Research - 2022

This paper describes the challenges of globalization in terms of the logic underpinning four distinct policy constraints or "trilemmas" and their interrelationship; in particular the disturbances that arise from capital flows and the difficulties of adjusting monetary policies to a global...

Persistent link: https://www.econbiz.de/10013388862

The Defining Moment : The Great Depression and the American Economy in the Twentieth Century

Baicker, Katherine (contributor); … - 1997

In contemporary American political discourse, issues related to the scope, authority, and the cost of the federal government are perennially at the center of discussion. Any historical analysis of this topic points directly to the Great Depression, the "moment" to which most historians and...

Persistent link: https://www.econbiz.de/10014488293

Is the Washington Consensus Dead? Growth, Openness, and the Great Liberalization, 1970s–2000s

Estevadeordal, Antoni; Taylor, Alan M. - In: The Review of Economics and Statistics 95 (2013) 5, pp. 1669-1690

According to the Washington Consensus, developing countries' growth would benefit from reductions in barriers to trade. However, the empirical basis for judging trade reforms is weak. Econometrics are mostly ad hoc, results are typically not judged against models, policies are poorly measured,...

Persistent link: https://www.econbiz.de/10011010041

Sources of Convergence in the Late Nineteenth Century

Taylor, Alan M. - National Bureau of Economic Research (NBER) - 1996

Although the empirical growth literature has yielded many findings on postwar convergence patterns, it has had little … to say about the determinants of convergence in earlier epochs. This paper investigates convergence for group of seven … countries during the period 1870-1914, the last great phase of global convergence before the present postwar era. A standard …

Persistent link: https://www.econbiz.de/10005710106

Argentina and the World Capital Market: Saving, Investment, and International Capital Mobility in the Twentieth Century

Taylor, Alan M. - National Bureau of Economic Research (NBER) - 1997

This paper is concerned with integration in the world capital market between the" economies of the core and periphery in the twentieth century. It proceeds with some general" observations and with a special focus on the case of Argentina. I will argue that understanding" the changing relations...

Persistent link: https://www.econbiz.de/10005714827

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