NBER Working Papers - Michael D. Bordo

NBER Working Papers

An up-to-date list of all my NBER books and working papers can also be found here:

The Transformation and Performance of Emerging Market Economies Across the Great Divide of the Global Financial Crisis(with Pierre Siklos), October 2019.
Towards an Unstable Hook: The Evolution of Stock Market Integration Since 1913 (with Cecile Bastidon, Antoine Parent, and Marc Weidenmier), August, 2019.
Federal Reserve Structure, Economic Ideas, and Monetary and Financial Policy (with Edward S. Prescott), July, 2019.
Digital Cash: Principles and Practical Steps (with Andrew Levin), January, 2019.
The Imbalances of the Bretton Woods System 1965 to 1973: U.S. Inflation, The Elephant in the Room December, 2018.
Perceived FOMC: The Making of Hawks, Doves and Swingers (with Klodiana Istrefi) May, 2018.
The Impact of the Dodd-Frank Act on Small Business (with John V. Duca) April, 2018.
Triffin: dilemma or myth? (with Robert N. McCauley) January, 2018.
An Historical Perspective on the Quest for Financial Stability and the Monetary Policy Regime December, 2017.
The Gold Pool (1961-1968) and the Fall of the Bretton Woods System. Lessons for Central Bank Cooperation (with Eric Monnet, Alain Naef) November, 2017.
Central Banks: Evolution and Innovation in Historical Perspective (with Pierre L. Siklos) September, 2017
The Second Era of Globalization is Not Yet Over: An Historical Perspective September, 2017
Central Bank Digital Currency and the Future of Monetary Policy (with Andrew T. Levin) August, 2017.
Partial Fiscalization: Some Lessons on Europe's Unfinished Business (with Harold James) March, 2017.
The Operation and Demise of the Bretton Woods System; 1958 to 1971 February, 2017.
On the Evolution of U.S. Foreign-Exchange-Market Intervention: Thesis, Theory, and Institutions and front-matter (with Owen F. Humpage, Anna J. Schwartz in Strained Relations: U.S. Foreign-Exchange Operations and Monetary Policy in the Twentieth Century) December, 2016.
A Lesson from the Great Depression that the Fed Might have Learned: A Comparison of the 1932 Open Market Purchases with Quantitative Easing (with Arunima Sinha), August 2016.
Money and Velocity During Financial Crises: From the Great Depression to the Great Recession (with Richard Anderson and John Duca), March 2016
Fiscal and Financial Crises (with Chris Meissner), March 2016.
Economic Policy Uncertainty and the Credit Channel: Aggregate and Bank Level U.S. Evidence over Several Decades (with John V. Duca and Christoffer Koch), February 2016.
Central bank Credibility Before and After the Crisis (with Pierre Siklos), November 2015.
Growing Up to Stability? Financial Globalization, Financial Development and Financial Crises (with Chris Meissner), June 2015.
Capital Flows and Domestic and International Order: Trilemmas from Macroeconomics to Political Economy and International Relations (with Harold James), March 2015.
Central Bank Credibility, Reputation and Inflation Targeting in Historical Perspective (with Pierre Siklos) November 2014.
Federal Reserve Policy and Bretton Woods (with Owen Humpage) November 2014.
The Price of Stability: The balance sheet policy of the Banque de France and the Gold Standard (1880-1914), (with G. Bazot and E. Monnet) October 2014
Tales from the Bretton Woods, July 2014
The Real Exchange Rate in the Long Run: Balassa-Samuelson Effects Reconsidered, (with Ehsan U. Choudhri, Giorgio Fazio and Ronald MacDonald), June 2014
What Explains House Price Booms?: History and Empirical Evidence, (with John Landon-Lane), October 2013.
Does Expansionary Monetary Policy Cause Asset Price Booms; Some Historical and Empirical Evidence, (with John Landon-Lane), October 2013
The European Crisis in the Context of the History of Previous Financial Crises, (with Harold James), June 2013
Putting the 'System' in the International Monetary System (with Angela Redish), May 2013
Not Just the Great Contraction: Friedman and Schwartz's A Monetary History of the United States 1867 to 1960, (with Hugh Rockoff). February 2013
Deep Recessions, Fast Recoveries, and Financial Crises: Evidence from the American Record (with Joseph G. Haubrich), June 2012.
Epilogue: Foreign-Exchange-Market Operations in the Twenty-First Century. (with Owen Humpage and Anna J. Schwartz) April 2012
Does Inequality Lead to a Financial Crisis? (with C. Meissner) March 2012
Reserves and Baskets (with Harold James). October 2011
The Federal Reserve as an Informed Foreign Exchange Trader: 1973 – 1995 (with Owen F. Humpage and Anna J. Schwartz). September 2011
A Fiscal Union for the Euro: Some Lessons from History (with Agnieszka Markiewicz and Lars Jonung). September 2011
Why didn’t Canada have a banking crisis in 2008 (or in 1930, or 1907, or ...)? (with Angela Redish and Hugh Rockof). August 2011
The Influence of Irving Fisher on Milton Friedman’s Monetary Economics (with Hugh Rockoff) August 2011
Historical Evidence on the Finance-Trade-Growth Nexus (with Peter L. Rousseau) . May 2011
U.S. Intervention During the Bretton Woods Era: 1962-1973 (With Owen F. Humpage and Anna J. Schwartz). April 2011
The Promise and Performance of the Federal Reserve as Lender of Last Resort 1914-1933 (with David C. Wheelock). February 2011
U.S. Foreign-Exchange-Market Intervention and the Early Dollar Float: 1973 – 1981 (with Owen F. Humpage, Anna J. Schwartz) NBER Working Paper No. 16647, December 2010
The Global Financial Crisis of 2007-08: Is it Unprecedented? (with John S. Landon-Lane). NBER Working Paper No. 16589, December 2010
The Lessons from the Banking Panics in the United States in the 1930s for the Financial Crisis of 2007-2008 (with John Landon-Lane). NBER Working Paper No. 16365, September 2010
U.S. Foreign-Exchange-Market Intervention during the Volcker-Greenspan Era (with Owen F. Humpage and Anna J. Schwartz) NBER Working Paper No. 16345, September 2010
International Business Cycle Synchronization in Historical Perspective (with Thomas F. Helbling). NBER Working Paper No. 16103, June 2010
Global shocks, economic growth and financial crises: 120 years of New Zealand experience (with David Hargreaves and Mizuho Kida), NBER Working Paper, May 2010.
A Long Term Perspective on the Euro. NBER Working Paper 13815, January 2008.
Sudden Stops: Determinants and Output Effects in the First Era of Globalization, 1880-1913. NBER Working Paper 13489, October 2007.
Growing up to Financial Stability, NBER Working Paper 12993, March 2007.
Three Great American Disinflations (with Christopher Erceg, Andrew Levin and Ryan Michaels), NBER Working Paper 12982, March 2007.
The Historical Origins of U.S. Exchange Market Intervention Policy (with Owen Humpage and Anna J. Schwartz), NBER Working Paper 12662, November 2006.
David Laidler on Monetarism (with Anna J. Schwartz), NBER Working Paper 12593, October 2006.
Swiss Exchange Rate Policy in the 1930s. Was the Delay in Devaluation Too High a Price to Pay for Conservatism? (with Thomas Helbling and Harold James), NBER Working Paper No. 12491, August 2006.
Sudden Stops, Financial Crises, and Original Sin in Emerging Countries: Déjà vu? , NBER Working Paper No. 12393, July 2006.
Currency Mismatches, Default Risk, and Exchange Rate Depreciation: Evidence from the End of Bimetallism (with Christopher Meissner and Marc Weidenmier). NBER Working Paper No. 12299, June 2006.
One World Money, Then and Now (with Harold James) NBER Working Paper No. 12189, May 2006.
Legal-Political Factors and the Historical Evolution of the Finance-Growth Link (with Peter L. Rousseau) NBER Working Paper No. 12035 February 2006
The Role of Foreign Currency Debt in Financial Crises: 1880-1913 vs. 1972-1997 (with Christopher Meissner) NBER Working Paper No. 11897 December 2005
Review of A History of the Federal Reserve. Volume 1 (2003) (with Allan H. Meltzer) NBER Working Paper No. 11714 October 2005
Seventy Years of Central Banking: The Bank of Canada in International Context, 1935-2005 NBER Working Paper No. 11586 August 2005
Historical Perspective on Global Imbalances NBER Working Paper No11383 May 2005
Financial Crises, 1880-1913: The Role of Foreign Currency Debt (with Christopher Meissner) NBER Working Paper No11173, March 2005
Keeping Capital Flowing: The Role of the IMF (with Ashoka Mody and Nienke Oomes) NBER Working Paper No10834, October 2004
Deflation and Monetary Policy in a Historical Perspective: Remembering the Past or Being Condemned to Repeat It? (with Andrew Filardo) NBER Working Paper No10833, October 2004
Monetary Policy and Asset Prices: A Look Back at Past U.S. Stock Market Booms (with David C. Wheelock) NBER Working Paper No10704, August 2004
The Yield Curve, Recessions and the Credibility of the Monetary Regime: Long Run Evidence 1875-1997 (with Joseph G Haubrich) NBER Working Paper No10431, April 2004
Good versus Bad Deflation: Lessons from the Gold Standard Era (with John Landon-Lane and Angela Redish) NBER Working Paper No10329, Feb 2004
Gold, Fiat Money, and Price Stability (with Robert D. Dittmar and William Gavin) NBER Working Paper No. 10171, December 2003
Have National Business Cycles Become More Synchronized? (with Thomas Helbling) NBER Working Paper No. 10130, December 2003
Is deflation depressing? E vidence from the Classical Gold Standard (with Angela Redish) NBER Working Paper No 9520, March 2003.
Boom-Busts in Asset Prices, Economic Instability, and Monetary Policy NBER Working Paper No 8966, May 2002
Globalization and Changing Patterns in the International Transmission of Shocks in Financial Markets (with Antu Panini Murshid) NBER Working Paper No 9019, June 2002
Charles Goodhart's Contributions to the History of Monetary Institutions (with Anna J.Schwartz) NBER Working Paper No 8717, January 2002
Crises Now and Then: What Lessons from the Last Era of Financial Globalization (with Barry Eichengreen) NBER Working Paper No 8716, January 2002
Core, Periphery, Exchange Rate Regimes, and Globalization (with Marc Flandreau) NBER Working Paper No 8584, November 2001
Aggregate Price Shocks and Financial Stability: The United Kingdom 1796-1999 (with Michael J. Dueker and David C. Wheelock) NBER Working Paper No 8583, November 2001
Bond Market Inflation Expectations in Industrial Countries: Historical Comparisons (with William G. Dewald) NBER Working Paper No 8582, November 2001
The Adam Klug Memorial Lecture: Haberler versus Nurkse: The Case for Floating Exchange Rates as an Alternative to Bretton Woods? (with Harold James) NBER Working Paper No 8545, October 2001
Globalization in Historical Perspective Prepared for the NBER session “International Economy: Globalization and Crises” at the National Association of Business Economists, 43rd Annual Meetings, New York City, September 11, 2001.
The Inter-War Gold Exchange Standard: Credibility and Monetary Independence ( with Ronald MacDonald) NBER Working Paper No 8429, August 2001
From the Exchange Stabilization Fund to the International Monetary Fund (with Anna J. Schwartz) NBER Working Paper No 8100, January 2001
The International Monetary Fund: Its Present Role in Historical Perspective (with Harold James) NBER Working Paper No 7724, June 2000
Measuring Real Economic Effects of Bailouts: Historical Perspectives on How Countries in Financial Distress Have Fared With and Without Bailouts ( with Anna J. Schwartz) NBER Working Paper No 7701, May 2000
Aggregate Price Shocks and Financial Instability: An Historical Analysis (with Michael Dueker and David Wheelock) NBER Working Paper No 7652, April 2000
The International Monetary Fund: Its Present Role in Historical Perspective (with Harold James) NBER Working Paper No. 7724, June 2000
"Measuring Real Economic Effects of Bailouts: Historical Perspectives on How Countries in Financial Distress Have Fared With and Without Bailouts" (with Anna J. Schwartz) NBER Working Paper No. 7701,May 2000
"What if Alexander Hamilton Had Been Argentinean? A Comparison of the Early Monetary Experiences of Argentina and the United States," (with Carlos A. Vegh) NBER Working Paper No 6862, December 1998
"Was Stable Money Feasible During the Great Contraction? An Examination of the Gold Standard Constraint," (with Ehsan U. Choudhri and Anna J. Schwartz) NBER Working Paper No 7125, May 1999
Under What Circumstances, Past and Present, Have International Rescues of Countries in Financial Distress Been Mounted? (with Anna J. Schwartz) NBER Working Paper No 6824 , December 1998
"Was There Really an Earlier Period of International Financial," (with Barry Eichengreen, and Jongwoo Kim) NBER Working Paper No 6738, September 1998
"The Rise and Fall of a Barbarous Relic: The Role of Gold in the International Monetary System," (with Barry Eichengreen) NBER Working Paper No 6436, March 1998
"Monetary Policy Regimes and Economic Performance: The Historical Record," (with Anna J. Schwartz) NBER Working Paper No 6201, September 1997
"Violations of the `Rules of the Game' and the Credibility of the Classical Gold Standard, 1880-1914," (with Ronald MacDonald) NBER Working Paper No 6115, June 1997
"Money, Sticky Wages, and the Great Depression," (with Christopher J. Erceg and Charles N. Evans) NBER Working Paper No 6071, June 1997
"The Implications of the Great Depression for the Development of the International Monetary System," (with Barry Eichengreen) NBER Working Paper No 5883, January1997
"Why Clashes Between Internal and External Stability Goals End in Currency Crises, 1797-1994," (with Anna J. Schwartz) NBER Working Paper No 5710, January1997
"The Specie Standard as a Contingent Rule: Some Evidence for Core and Peripheral Countries, 1880-1990," (with Anna J. Schwartz) NBER Working Paper No 4860, February1997
"A Small Open Economy in Depression: Lessons from Canada in the 1930s," (with Caroline M. Betts and Angela Redish) NBER Working Paper No 4515, December 1996