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The Yield Curve, Recessions, and the Credibility of the Monetary Regime : Long-Run Evidence, 1875-1997
Bordo, Michael D.; Haubrich, Joseph G. - 2007
This paper brings historical evidence to bear on the stylized fact that the yield curve predicts future growth. The spread between corporate bonds and commercial paper reliably predicts future growth over the period 1875-1997. This predictability varies over time, however, particularly across...
Persistent link: https://www.econbiz.de/10014223063
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The Bank of Canada and Financial Stability : A New Mandate?
Bordo, Michael D. - 2019
Persistent link: https://www.econbiz.de/10012859080
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Canada and the IMF : trailblazer or prodigal son?
Bordo, Michael D. (contributor); Gomes, Tamara (contributor) - 2009
Canada played an important role in the postwar establishment of the International Monetary Fund (IMF), yet it was also … of a floating, market-determined exchange rate. Although the IMF heavily criticized this decision, Canada’s trail … floating exchange rates, which had predicted significant volatility. In May of 1962, Canada returned to the BrettonWoods system …
Persistent link: https://www.econbiz.de/10003790221
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The Importance of Sound Monetary Policy : Some Lessons for Today from Canada's Experience with Floating Exchange Rates Since 1950
Bordo, Michael D.; Siklos, Pierre L. - National Bureau of Economic Research - 2023
In this paper we revisit the Canadian experience with floating exchange rates since 1950. Canada was a pioneer in … argued, Canada's floating exchange rate provided it with a modicum of insulation from external shocks, especially commodity …
Persistent link: https://www.econbiz.de/10014372411
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Central bank credibility : an historical and quantitative exploration
Bordo, Michael D.; Siklos, Pierre L. - In: Central banks at a crossroads : what can we learn from …, (pp. 62-144). 2016
Persistent link: https://www.econbiz.de/10011487253
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Central bank credibility : an historical and quantitative exploration
Bordo, Michael D.; Siklos, Pierre L. - 2014
Persistent link: https://www.econbiz.de/10010483130
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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
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Central bank credibility, reputation and inflation targeting in historical perspective
Bordo, Michael D.; Siklos, Pierre L. - 2014
Persistent link: https://www.econbiz.de/10010442389
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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/10012457842
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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