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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

Pandemic Shocks and Fiscal-Monetary Policies in the Eurozone : COVID-19 Dominance During January - June 2020

Jinjarak, Yothin - 2020

responses in explaining the evolution of Eurozone (EZ) sovereign spreads during the first half of 2020. Focusing on daily … Eurozone CDS spreads, we adopt a multi-stage econometric approach. First, we estimate a multi-factor model for changes in EZ …

Persistent link: https://www.econbiz.de/10012481646

Tales from the Bretton Woods

Bordo, Michael D. - 2014

An analogy has been made between the collapse of the Bretton Woods system in 1971 and the recent Eurozone crisis. The …However Bretton Woods is very different from the Eurozone in many dimensions. An even better analogy than BWS is a … comparison of the clearing mechanism in the U.S.--The Gold Settlement account-- with the Target payments mechanism for the …

Persistent link: https://www.econbiz.de/10012458395

A Fiscal Union for the Euro : Some Lessons from History

Bordo, Michael D. - 2011

The recent financial crisis 2007-2009 was the longest and the deepest recession since the Great Depression of 1930. The crisis that originated in subprime mortgage markets was spread and amplified through globalised financial markets and resulted in severe debt crises in several European...

Persistent link: https://www.econbiz.de/10012461278

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

Post COVID-19 Exit Strategies and Emerging Markets Economic Challenges

Aizenman, Joshua - 2020

We outline two divergent exit strategies of the U.S. from the post COVID-19 debt-overhang, and analyze their implications on Emerging Markets and global stability. The first strategy is the U.S. aiming at returning to the 2019, pre-COVID mode of loose fiscal policy and accommodating monetary...

Persistent link: https://www.econbiz.de/10012482186

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

Financial sector ups and downs and the real sector : big hindrance, little help

Aizenman, Joshua - 2011

"We examine how financial expansion and contraction cycles affect the broader economy through their impact on 8 real economic sectors in a panel of 28 countries over 1960-2005, paying particular attention to large, or sharp, contractions and magnifying and mitigating factors. Overall, the...

Persistent link: https://www.econbiz.de/10011395532

Large Fiscal Episodes and Sustainable Development : Some International Evidence

Aizenman, Joshua; Jinjarak, Yothin; Nguyen, Hien Thi Kim; … - National Bureau of Economic Research - 2021

This paper examines the association between episodes of large fiscal impulses (expansions and adjustments) and sustainable development indicators (prosperity, resilience, and inclusivity). We provide country studies of Chile, Poland, South Africa, and Thailand, examining the components of...

Persistent link: https://www.econbiz.de/10012510619

Fiscal Stimulus and Commercial Bank Lending Under COVID-19

Aizenman, Joshua; Jinjarak, Yothin; Spiegel, Mark - National Bureau of Economic Research - 2022

We investigate the implications of extra-normal government spending under the COVID-19 pandemic for commercial bank lending growth between 2019Q4 and 2020Q4 in a large sample of over 3000 banks from 71 countries. We control for pre-pandemic structural factors, bank characteristics and government...

Persistent link: https://www.econbiz.de/10013172181