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What If Alexander Hamilton Had Been Argentinean? A Comparison of the Early Monetary Experiences of Argentina and the United States
Bordo, Michael D. - 1998
The contrast between the early nineteenth century Argentinean experience of high inflation and the American experience … of low inflation is interpreted in terms of a dynamic monetary model of optimal taxation. It is argued that the two … the inflation tax may be viewed as an optimal solution to its wartime problems. By contrast, with the exception of the …
Persistent link: https://www.econbiz.de/10012471950
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Economic Policy Uncertainty and the Credit Channel : Aggregate and Bank Level U.S. Evidence over Several Decades
Bordo, Michael D. - 2016
Economic policy uncertainty affects decisions of households, businesses, policy makers and Financial intermediaries. We first examine the impact of economic policy uncertainty on aggregate bank credit growth. Then we analyze commercial bank entity level data to gauge the effects of policy...
Persistent link: https://www.econbiz.de/10012456652
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Bond Market Inflation Expectations in Industrial Countries : Historical Comparisons
Bordo, Michael D. - 2001
We define the Fisherian Golden Rule measure of bond market inflation expectations as the difference between bond rates … and trend real GDP growth rates. The concept is based on the Fisherian theory that an increase in longer-term inflation … rates of interest would equal the growth rate of real output. We compare the bond market inflation experiences of 13 …
Persistent link: https://www.econbiz.de/10012470134
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Money, Sticky Wages, and the Great Depression
Bordo, Michael D. - 1997
This paper examines the ability of a simple stylized general equilibrium model that incorporates nominal wage rigidity to explain the magnitude and persistence of the Great Depression in the United States. The impulses to our analysis are money supply shocks. The Taylor contracts model is...
Persistent link: https://www.econbiz.de/10012472743
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Central Bank Credibility : An Historical and Quantitative Exploration
Bordo, Michael D. - 2015
their role in influencing the credibility of the monetary authority. We focus on measures of inflation expectations, the … mean reversion properties of inflation, and indicators of exchange rate risk. In addition we place some emphasis on whether …
Persistent link: https://www.econbiz.de/10012457842
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Money, history, and international finance : essays in honor of Anna J. Schwartz
Bordo, Michael D. (ed.); Schwartz, Anna Jacobson (honouree) - 1989 - 1. [print.]
Persistent link: https://www.econbiz.de/10000782106