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Three Great American Disinflations
Bordo, Michael D. - 2007
This paper analyzes the role of transparency and credibility in accounting for the widely divergent macroeconomic effects of three episodes of deliberate monetary contraction: the post-Civil War deflation, the post-WWI deflation, and the Volcker disinflation. Using a dynamic general equilibrium...
Persistent link: https://www.econbiz.de/10012730571
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Three great American disinflations
Bordo, Michael D.; Erceg, Christopher; Levin, Andrew; … - 2006
In this paper, we examine three famous episodes of deliberate deflation (or disinflation) in U.S. history, including episodes following the Civil War, World War I, and the Volcker disinflation of the early 1980s. These episodes were associated with widely divergent effects on the real economy,...
Persistent link: https://www.econbiz.de/10010298354
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Chapter 3 Monetary policy regimes and economic performance: The historical record
Bordo, Michael D.; Schwartz, Anna J. - In: Handbook of macroeconomics : volume 1, part A, (pp. 149-234). 1999
inadequate policy tools and theory from the interwar period, set the stage for the Great Inflation of the 1970s. The lessons from … that experience have convinced monetary authorities to reemphasize the goal of low inflation, as it were, committing …
Persistent link: https://www.econbiz.de/10014024247
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Canada and the IMF : trailblazer or prodigal son?
Bordo, Michael D. (contributor); Gomes, Tamara (contributor) - 2009
theory and policy in open economies. -- Exchange rate regimes ; Exchange rates ; Monetary policy framework …
Persistent link: https://www.econbiz.de/10003790221
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The Federal Reserve as an Informed Foreign-Exchange Trader : 1973-1995
Bordo, Michael D. - 2011
If official interventions convey private information useful for price discovery in foreign-exchange markets, then they should have value as a forecast of near-term exchange-rate movements. Using a set of standard criteria, we show that approximately 60 percent of all U.S. foreign-exchange...
Persistent link: https://www.econbiz.de/10013120732
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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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Money Matters : Broad Divisia Money and the Recovery of Nominal GDP from the COVID-19 Recession
Bordo, Michael D.; Duca, John V. - National Bureau of Economic Research - 2023
The rise of inflation in 2021 and 2022 surprised many macroeconomists who ignored the earlier surge in money growth … seeks to restore low inflation …
Persistent link: https://www.econbiz.de/10014322692
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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
monetary policy achieved low and stable inflation once it adopted inflation targeting as a nominal anchor. Also, as Friedman … inflation targeting became a model for the conduct of monetary policy in emerging countries …
Persistent link: https://www.econbiz.de/10014372411
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Gold, Fiat Money and Price Stability
Bordo, Michael D.; Dittmar, Robert; Gavin, William T. - 2007
inflation target provides more short-run price stability than does the gold standard and, although it introduces a unit root … years. Relative to these regimes, Fisher's compensated dollar (or pure price path targeting) reduces inflation uncertainty … uncertainty about inflation at long horizons. This long-run inflation uncertainty can be largely eliminated by introducing an …
Persistent link: https://www.econbiz.de/10014058864
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Three great American disinflations
Bordo, Michael D.; Erceg, Christopher; Levin, Andrew; … - Center for Financial Studies - 2006
In this paper, we examine three famous episodes of deliberate deflation (or disinflation) in U.S. history, including episodes following the Civil War, World War I, and the Volcker disinflation of the early 1980s. These episodes were associated with widely divergent effects on the real economy,...
Persistent link: https://www.econbiz.de/10010958695