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An overview of the Fed's new credit policy tools and their cushioning effect on the COVID-19 recession
Bordo, Michael D.; Duca, John V. - In: Journal of government and economics : JGE 3 (2021), pp. 1-10
The economics literature lacks articles that provide a broad roadmap-let alone a logical explanation-of the new set of Federal Reserve policy tools that were created to counter the COVID-19 recession. This study provides an overview of the motivation for these new credit-easing programs-namely...
Persistent link: https://www.econbiz.de/10012800421
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An Historical Perspective on Financial Stability and Monetary Policy Regimes : A Case for Caution in Central Banks Current Obsession with Financial Stability
Bordo, Michael D. - 2018
This paper surveys the co-evolution of monetary policy and financial stability for a number of countries across four exchange rate regimes from 1880 to the present. Historical evidence is presented on the incidence, costs and determinants of financial crises along with some empirical evidence on...
Persistent link: https://www.econbiz.de/10012922048
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Credit Crises, Money, and Contractions : A Historical View
Bordo, Michael D. - 2010
The relatively infrequent nature of major credit distress events makes a historical approach particularly useful. Using a combination of historical narrative and econometric techniques, we identify major periods of credit distress from 1875 to 2007, examine the extent to which credit distress...
Persistent link: https://www.econbiz.de/10013144427
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When Do Stock Market Booms Occur? The Macroeconomic and Policy Environments of 20th Century Booms
Bordo, Michael D. - 2006
This paper studies the macroeconomic conditions and policy environments under which stock market booms occurred among ten developed countries during the 20th Century. We find that booms tended to occur during periods of above-average growth of real output, and below-average and falling...
Persistent link: https://www.econbiz.de/10012732928
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Monetary Policy and Stock Market Booms and Busts in the 20th Century
Bordo, Michael D. - 2007
This paper examines the association between monetary policy and stock market booms and busts in the United States, United Kingdom, and Germany during the 20th century. Booms tended to arise when output growth was rapid and inflation was low, and end within a few months of an increase in...
Persistent link: https://www.econbiz.de/10012730078
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Rules for a lender of last resort: An historical perspective
Bordo, Michael D. - In: Journal of Economic Dynamics and Control 49 (2014) C, pp. 126-134
omission came to the fore in the Great Contraction 1929 to 1933 when the Fed failed to prevent four banking panics which turned … shift contributed to moral hazard and created new threats to financial stability with the rise of the ‘shadow banking system …
Persistent link: https://www.econbiz.de/10011117357
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Does inequality lead to a financial crisis?
Bordo, Michael D.; Meissner, Christopher M. - In: Journal of International Money and Finance 31 (2012) 8, pp. 2147-2161
countries between 1920 and 2000 suggest these are not general relationships. Credit booms heighten the probability of a banking …
Persistent link: https://www.econbiz.de/10010603328
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Global shocks, economic growth and financial crises: 120 years of New Zealand experience
Bordo, Michael D.; Hargreaves, David; Kida, Mizuho - Reserve Bank of New Zealand - 2009
We identify the timing of currency, banking crises and sudden stops in New Zealand from 1880 to 2008 using …
Persistent link: https://www.econbiz.de/10008495355
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Low Interest Rates, Policy, and the Predictive Content of the Yield Curve
Bordo, Michael D. - 2020
Does the yield curve's ability to predict future output and recessions differ when interest rates are low, as in the current global environment? In this paper we build on recent econometric work by Shi, Phillips, and Hurn that detects changes in the causal impact of the yield curve and relate...
Persistent link: https://www.econbiz.de/10012822664
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The promise and performance of the Federal Reserve as Lender of Last Resort 1914-1933
Bordo, Michael D.; Wheelock, David C. - Norges Bank - 2011
established to overcome the problems of the National Banking era, in particular an “inelastic” currency and the absence of an … window and bankers acceptance-purchase facilities were expected to solve the problems that had caused banking panics in the … National Banking era. Banking panics returned with a vengeance in the 1930s, however, and we examine why the Fed failed to live …
Persistent link: https://www.econbiz.de/10008838123