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International Liquidity : The Fiscal Dimension

Obstfeld, Maurice - 2011

This paper argues that if policymakers seek to enhance global liquidity, then the international community must provide …

Persistent link: https://www.econbiz.de/10012461279

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

EMU : Ready, or Not?

Obstfeld, Maurice - 1999

In this paper I focus on two specific hazard areas in the transition from Stage Two to Stage Three of European economic and monetary union (EMU), as well as on some key problems of Stage Three that EMU's monetary and fiscal structures appear ill-prepared to handle. The transitional hazards are...

Persistent link: https://www.econbiz.de/10012471509

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

Monetary and Fiscal Remedies for Deflation

Auerbach, Alan - 2004

Prevalent thinking about liquidity traps suggests that the perfect substitutability of money and bonds at a zero short … benefits and facilitate the use of powerful fiscal policy tools even in a liquidity trap. In this paper, we consider an … alternative approach that has been suggested for use in a liquidity trap, a scheduled increase in consumption tax rates. We find …

Persistent link: https://www.econbiz.de/10012468404

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

Time of Troubles : The Yen and Japan's Economy, 1985-2008

Obstfeld, Maurice - 2009

during the period of Japan's bubble economy and subsequent stagnation. The yen experienced epic gyrations over that period … the price of oil. Since the mid-1990s, the yen's real exchange rate has generally followed a depreciating trend and Japan …

Persistent link: https://www.econbiz.de/10012463831

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

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