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Política monetaria y precios de activos : una mirada retrospectiva a los momentos de auge en los mercados de valores de Estados Unidos en el pasado

Bordo, Michael D.; Wheelock, David C. - In: Boletín / Centro de Estudios Monetarios Latinoamericanos 51 (2005) 1, pp. 12-34

Persistent link: https://www.econbiz.de/10003344526

Monetary Policy and Asset Prices : A Look Back at Past U.S. Stock Market Booms

Bordo, Michael D. - 2011

This paper examines the economic environments in which past U.S. stock market booms occurred as a first step toward understanding how asset price booms come about and whether monetary policy should be used to defuse booms. We identify several episodes of sustained rapid rise in equity prices in...

Persistent link: https://www.econbiz.de/10013127756

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

Bordo, Michael D. - 2011

The dollar's depreciation during the early floating rate period, 1973 - 1981, was a symptom of the Great Inflation. In that environment, sterilized foreign exchange interventions were ineffective in halting the dollar's decline, but showed a limited ability to smooth dollar movements. Only after...

Persistent link: https://www.econbiz.de/10013131970

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/10013138323

U.S. Intervention During the Bretton Woods Era : 1962-1973

Bordo, Michael D. - 2013

By the early 1960s, outstanding U.S. dollar liabilities began to exceed the U.S. gold stock, suggesting that the United States could not completely maintain its pledge to convert dollars into gold at the official price. This raised uncertainty about the Bretton Woods parity grid, and speculation...

Persistent link: https://www.econbiz.de/10013093581

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/10012906267

The Historical Origins of U.S. Exchange Market Intervention Policy

Bordo, Michael D. - 2010

The present set of arrangements for U.S. exchange market intervention policy was largely developed after 1961 during the Bretton Woods era. However, that set had important historical precedents. In this paper we examine precedents to current arrangements, focusing on three historical eras:...

Persistent link: https://www.econbiz.de/10012760567

Money Matters : Broad Divisia Money and the Recovery of Nominal GDP from the Covid-19 Recession

Bordo, Michael D.; Duca, John V. - 2023

The rise of inflation in 2021 and 2022 surprised many macroeconomists who ignored the earlier surge in money growth because past instability in the demand for simple-sum monetary aggregates had made these aggregates unreliable indicators. We find that the demand for more theoretically-based...

Persistent link: https://www.econbiz.de/10014346628

Central Bank Credibility, Reputation and Inflation Targeting in Historical Perspective

Bordo, Michael D. - 2014

This paper examines the historical evolution of central bank credibility using both historical narrative and empirics for a group of 16 countries, both advanced and emerging. It shows how the evolution of credibility has gone through a pendulum where credibility was high under the classical gold...

Persistent link: https://www.econbiz.de/10013043621

Rules, Discretion, and Central Bank Independence : The German Experience 1880-1989

eschweiler, Bernard; Bordo, Michael D. - 2021

best. Monetary policy in Germany during the past one hundred years provides an excellent case to assess the empirical … authority in 1876, Germany has participated in four monetary regimes: the pre-war gold standard, the inter-war gold standard … in Germany was always geared toward maintaining price stability with the exception of the two world war periods. Germany …

Persistent link: https://www.econbiz.de/10013224864