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Monetary Policy Cooperation/Coordination and Global Financial Crises in Historical Perspective

Bordo, Michael D. - 2020

The COVID-19 pandemic spawned a global liquidity crisis in March 2020. The global liquidity crisis was alleviated by … leading tool to manage international liquidity crises. The swap network can be viewed as a step in the direction of a global …

Persistent link: https://www.econbiz.de/10012482117

The Evolution of the Federal Reserve Swap Lines since 1962

Bordo, Michael D. - 2014

mechanism to forestall claims on U.S gold reserves under Bretton Woods to a means of extending emergency dollar liquidity during …

Persistent link: https://www.econbiz.de/10012457911

Liquidity Dependence and the Waxing and Waning of Central Bank Balance Sheets

Acharya, Viral V.; Chauhan, Rahul S.; Rajan, Raghuram Govind - National Bureau of Economic Research - 2023

in 2017, there was no commensurate shrinkage of these claims on liquidity. Consequently, the financial sector was left … more sensitive to potential liquidity shocks, with weaker-capitalized banks most exposed. This necessitated Fed liquidity … provision in September 2019 and again in March 2020. Liquidity-risk-exposed banks suffered the most drawdowns and the largest …

Persistent link: https://www.econbiz.de/10014247971

The Imbalances of the Bretton Woods System 1965 to 1973 : U.S. Inflation, The Elephant in the Room

Bordo, Michael D. - 2018

This paper 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 U.S. inflation since 1965. It was driven in turn by expansionary fiscal and monetary policies--the elephant in...

Persistent link: https://www.econbiz.de/10012481056

Federal Reserve Policy and Bretton Woods

Bordo, Michael D. - 2014

During the Bretton Woods era, balance-of-payments developments, gold losses, and exchange-rate concerns had little influence on Federal Reserve monetary policy, even after 1958 when such issues became critical. The Federal Reserve could largely disregard international considerations because the...

Persistent link: https://www.econbiz.de/10012458009

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

Bordo, Michael D. (ed.); Goldin, Claudia (ed.); … - 1998

Persistent link: https://www.econbiz.de/10013480824

Contingent Credit Under Stress

Acharya, Viral V.; Jager, Maximilian; Steffen, Sascha - National Bureau of Economic Research - 2023

' provision of liquidity insurance in the form of credit lines, their significance in managing corporate liquidity, and the …

Persistent link: https://www.econbiz.de/10014437040

Central Banks : Evolution and Innovation in Historical Perspective

Bordo, Michael D. - 2017

Central banks have evolved for close to four centuries. This paper argues that for two centuries central banks caught up to the strategies followed by the leading central banks of the era; the Bank of England in the eighteenth and nineteenth centuries and the Federal Reserve in the twentieth...

Persistent link: https://www.econbiz.de/10012453864

Central Bank Credibility : An Historical and Quantitative Exploration

Bordo, Michael D. - 2015

In this paper we provide empirical measures of central bank credibility and augment these with historical narratives from eleven countries. To the extent we are able to apply reliable institutional information we can also indirectly assess their role in influencing the credibility of the...

Persistent link: https://www.econbiz.de/10012457842

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