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Anticipating the Great Depression? Gustav Cassel's Analysis of the Interwar Gold Standard

Irwin, Douglas A. - 2011

depression (deflation due to tight monetary policies) and how it could get out of one (monetary expansion) …

Persistent link: https://www.econbiz.de/10013118250

Good Versus Bad Deflation : Lessons from the Gold Standard Era

Bordo, Michael D.; Landon-Lane, John; Redish, Angela - 2021

Deflation has had a bad rap, largely based on the experience of the 1930's when deflation was synonymous with … depression. Recent experience with declining prices in Japan and China together with the concern over deflation in Europe and the … United States has led to renewed attention to the topic of deflation. In this paper we focus our attention on the deflation …

Persistent link: https://www.econbiz.de/10013237965

Gold Sterilization and the Recession of 1937-38

Irwin, Douglas A. - 2011

The Recession of 1937-38 is often cited as illustrating the dangers of withdrawing fiscal and monetary stimulus too early in a weak recovery. Yet our understanding of this severe downturn is incomplete: existing studies find that changes in fiscal policy were small in comparison to the magnitude...

Persistent link: https://www.econbiz.de/10013118416

Was Expansionary Monetary Policy Feasible During the Great Contraction? an Examination of the Gold Standard Constraint

Bordo, Michael D.; Choudhri, Ehsan U.; Schwartz, Anna J. - 2021

was not constrained from using expansionary policy to offset banking panics, deflation, and declining economic activity …

Persistent link: https://www.econbiz.de/10013222903

The Price of Stability : The Balance Sheet Policy of the Banque De France and the Gold Standard (1880-1914)

Bazot, Guillaume - 2014

Under the classical gold standard (1880-1914), the Bank of France maintained a stable discount rate while the Bank of …, differ so much? How did the Bank of France manage to keep a stable rate and continuously violate the "rules of the game …"? This paper tackles these questions and shows that the domestic asset portfolio of the Bank of France played a crucial role …

Persistent link: https://www.econbiz.de/10013046162

The London Monetary and Economic Conference of 1933 and the End of the Great Depression : A “Change of Regime” Analysis

Edwards, Sebastian - 2017

In this paper I analyze the London Monetary and Economic Conference of 1933, an almost forgotten episode in U.S. monetary history. I study how the Conference shaped dollar policy during the second half of 1933 and early 1934. I use daily data to investigate the way in which the Conference and...

Persistent link: https://www.econbiz.de/10012962174

Was the Great Depression a Watershed for American Monetary Policy?

Calomiris, Charles W.; Wheelock, David C. - 2022

The Great Depression changed the institutions governing monetary policy. These changes included the departure from the gold standard, an opening of a a new avenue for monetizing government debt, changes in the structure of the the Federal Reserve System, and new monetary powers of the Treasury....

Persistent link: https://www.econbiz.de/10013324003

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

Central Bank Credibility : An Historical and Quantitative Exploration

Bordo, Michael D. - 2015

In this paper we provide empirical measures of central bank credibility and augment these with historical narratives from eleven countries. To the extent we are able to apply reliable institutional information we can also indirectly assess their role in influencing the credibility of the...

Persistent link: https://www.econbiz.de/10013030622

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/10012947026

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