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

Bordo, Michael D. - 1999

The recent consensus view, that the gold standard was the leading cause of the worldwide Great Depression 1929-33, stems from two propositions: (1) Under the gold standard, deflationary shocks were transmitted between countries and, (2) for most countries, continued adherence to gold prevented...

Persistent link: https://www.econbiz.de/10012471669

Central Bank Digital Currency in Historical Perspective : Another Crossroad in Monetary History

Bordo, Michael D. - National Bureau of Economic Research - 2021

forms of money: virtual (crypto) currencies like bitcoin; stable coins like libra/diem; and central bank digital currencies … fiduciary money and inconvertible fiat money; 2) the shift in the nineteenth and twentieth centuries from central bank notes to … a central bank monopoly; 3) Then evolution since the seventeenth century of central banks and the tools of monetary …

Persistent link: https://www.econbiz.de/10012616619

Federal Reserve Structure, Economic Ideas, and Monetary and Financial Policy

Bordo, Michael D. - 2019

on bank structure, bank regulation, and lender of last resort are also discussed. We argue that the Reserve Banks were …

Persistent link: https://www.econbiz.de/10012480044

The Transformation and Performance of Emerging Market Economies Across the Great Divide of the Global Financial Crisis

Bordo, Michael D. - 2019

The process of central bank (CB) evolution by emerging market economies (EMEs), including central bank independence …

Persistent link: https://www.econbiz.de/10012480286

Incorporating Scenario Analysis into the Federal Reserve’s Policy Strategy and Communications

Bordo, Michael D. - 2020

The U.S. economy currently faces a truly extraordinary degree of uncertainty as a consequence of the COVID-19 pandemic. In these circumstances, the Federal Reserve could begin highlighting alternative scenarios to illustrate key risks to the economic outlook, and such scenarios could inform the...

Persistent link: https://www.econbiz.de/10012481564

Monetary Policy Cooperation/Coordination and Global Financial Crises in Historical Perspective

Bordo, Michael D. - 2020

Global Financial Crisis 2007-2008. Central bank cooperation in 2020 evolved from a two-century history across several …

Persistent link: https://www.econbiz.de/10012482117

How New Fed Corporate Bond Programs Dampened the Financial Accelerator in the Covid-19 Recession

Bordo, Michael D. - 2020

In the financial crisis and recession induced by the Covid-19 pandemic, many investment-grade firms became unable to borrow from securities markets. In response, the Fed not only reopened its commercial paper funding facility but also announced it would purchase newly issued and seasoned bonds...

Persistent link: https://www.econbiz.de/10012482316

U.S. Foreign-Exchange-Market 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 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/10012462009

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 … uncertainty about the strength of the System's commitment to price stability. That the U.S. Treasury maintained primary …

Persistent link: https://www.econbiz.de/10012462311

Interpreting the Unconventional U.S. Monetary Policy of 2007-09

Reis, Ricardo - 2010

minimize the length and severity of the recession, would require a stronger commitment to low interest rates for an extended …

Persistent link: https://www.econbiz.de/10012462989