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U.S. Intervention and the Early Dollar Float : 1973-1981

Bordo, Michael D. - 2010

The dollar's depreciation during the early floating rate period, 1973-1981, was a symptom of the Great Inflation. In …

Persistent link: https://www.econbiz.de/10013135219

U.S. Foreign-Exchange-Market Intervention During the Volcker-Greenspan Era

Bordo, Michael D. - 2010

The Federal Reserve abandoned foreign-exchange-market intervention because it conflicted with the System's commitment to price stability. By the early 1980s, economists generally concluded that, absent a portfolio-balance channel, sterilized foreign-exchange-market intervention did not provide...

Persistent link: https://www.econbiz.de/10013139393

U.S. Monetary-Policy Evolution and U.S. Intervention

Bordo, Michael D. - 2011

The United States all but abandoned its foreign-exchange-market intervention operations in late 1995, when they proved corrosive to the credibility of the Federal Reserve's commitment to price stability. We view this decision as the culmination of the evolution of U.S. monetary policy over the...

Persistent link: https://www.econbiz.de/10013119099

On the Evolution of U.S. Foreign-Exchange-Market Intervention : Thesis, Theory, and Institutions

Bordo, Michael D. - 2011

Reserve's ability to credibly commit to low and stable inflation. This chapter also provides a theoretical discussion of …

Persistent link: https://www.econbiz.de/10013123428

Downward Nominal Wage Rigidity in the United States during and after the Great Recession

Fallick, Bruce - 2016

and what implications such rigidity might have for the macroeconomy at low levels of inflation. The Great Recession of … possibility, along with the subsequent slow recovery and persistently low inflation, has added to the relevance of this line of … rigidity, and to assess whether such rigidity is more severe at low rates of inflation and in the presence of negative economic …

Persistent link: https://www.econbiz.de/10013001852

A Brief Empirical History of U.S. Foreign-Exchange Intervention : 1973-1995

Bordo, Michael D. - 2010

This paper assesses U.S. foreign-exchange intervention since the inception of generalized floating. We find that intervention was by and large ineffectual. We first identify which interventions were successful according to three criteria. Then, we test whether the number of observed successes...

Persistent link: https://www.econbiz.de/10013152710

The current account version of the Triffin dilemma

Bordo, Michael D.; McCauley, Robert N. - In: Atlantic economic journal : AEJ 44 (2016) 2, pp. 171-182

Persistent link: https://www.econbiz.de/10011709826

Bretton Woods and the U.S. Decision to Intervene in the Foreign-Exchange Market, 1957-1962

Bordo, Michael D.; Humpage, Owen; Schwartz, Anna J. - 2013

The deterioration in the U.S. balance of payments after 1957 and an accelerating loss of gold reserves prompted U.S. monetary authorities to undertake foreign-exchange-market interventions beginning in 1961. We discuss the events leading up to these interventions, the institutional arrangements...

Persistent link: https://www.econbiz.de/10014223411

Downward Nominal Wage Rigidity in the United States during and after the Great Recession

Fallick, Bruce; Villar Vallenas, Daniel; Wascher, William - 2020

Rigidity in wages has long been thought to impede the functioning of labor markets. In this paper, we investigate the extent of downward nominal wage rigidity in US labor markets using job-level data from a nationally representative establishment-based compensation survey collected by the Bureau...

Persistent link: https://www.econbiz.de/10014100737

The Impact of the Age Distribution on Unemployment : Evidence from US States

Fallick, Bruce; Foote, Christopher L. - 2022

Economists have studied the potential effects of shifts in the age distribution on the unemployment rate for more than 50 years. Most of this analysis uses a "shift-share" method, which assumes that the demographic structure has no indirect effects on age-specific unemployment rates. This paper...

Persistent link: https://www.econbiz.de/10014243658