Similar Search Results

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

Tales from the Bretton Woods

Bordo, Michael D. - 2014

An analogy has been made between the collapse of the Bretton Woods system in 1971 and the recent Eurozone crisis. The …However Bretton Woods is very different from the Eurozone in many dimensions. An even better analogy than BWS is a … comparison of the clearing mechanism in the U.S.--The Gold Settlement account-- with the Target payments mechanism for the …

Persistent link: https://www.econbiz.de/10012458395

A Fiscal Union for the Euro : Some Lessons from History

Bordo, Michael D. - 2011

The recent financial crisis 2007-2009 was the longest and the deepest recession since the Great Depression of 1930. The crisis that originated in subprime mortgage markets was spread and amplified through globalised financial markets and resulted in severe debt crises in several European...

Persistent link: https://www.econbiz.de/10012461278

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

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

Fiscal and Financial Crises

Bordo, Michael D. - 2016

Interconnections between banking crises and fiscal crises have a long history. We document the long-run evolution from classic banking panics towards modern banking crises where financial guarantees are associated with crisis resolution. Recent crises feature a feedback loop between bank...

Persistent link: https://www.econbiz.de/10012456615

The Inter-War Gold Exchange Standard : Credibility and Monetary Independence

Bordo, Michael D. - 2001

In this paper we analyze the operation of the inter-war gold exchange standard to see if the evident credibility of the system conferred on participating central banks the ability to pursue independent monetary policies. To answer this question we econometrically analyze two key parity, or...

Persistent link: https://www.econbiz.de/10012470290

Violations of the `Rules of the Game' and the Credibility of the Classical Gold Standard, 1880-1914

Bordo, Michael D. - 1997

This paper examines the recently noted finding that the Classical gold standard represented a credible, well-behaved target zone system from the perspective of the well-documented failure of countries to play by the rules of the game in the classical period. In particular, we test an hypothesis...

Persistent link: https://www.econbiz.de/10012472699

Money Stock Targeting, Base Drift and Price-Level Predictability : Lessons From the U.K. Experience

Bordo, Michael D. - 1989

It is controversial whether money stock targeting without base drift (i.e. following a trend-stationary growth path) makes the price level more predictable in the presence of permanent shocks to money demand. Developing a procedure that does not run into the Lucas critique, and applying this...

Persistent link: https://www.econbiz.de/10012476232