Papers - Michael D. Bordo

Recent Papers

Improving the Monetary Regime: The Case for U.S. Digital Cash (with Andrew T. Levin) Cato Journal: 39 (1) pp 383-401, 2019
The Gold Pool (1961-1968) and the Fall of the Bretton Woods System. Lessons for Central Bank Cooperation (with Eric Monnet and Alain Naef) Journal of Economic History. Vol 79 (4) September, pp 1027-1059, 2019
Triffin: Dilemma or Myth? (with Robert McCauley) IMF Economic Review. December 2019, Volume 67, Issue 4, pp 824–851
Twenty Years After Fifty Years Bretton Woods. Reinventing Bretton Woods: The Next 70 Years. Bretton Woods Committee, Paris. (with Barry Eichengreen) 2019
The Operation and Demise of the Bretton Woods System: 1958 to 1971 In Naomi Lamoreaux and Ian Shapiro (eds) The Bretton Woods Agreements. New Haven: Yale University Press pp 217-235 (2019)
The Trade-offs between Macroeconomics, Political Economy and International Relations (with Harold James) Financial History Review, January 2019
An Historical Perspective on the Quest for Financial Stability and the Monetary Policy Regime Journal of Economic History 78 (2) pp 319-357, 2018
Central Banks: Evolution and Innovation in Historical Perspective (with Pierre Siklos) In Rodney Edvinsson, Tor Jacobson and Daniel Waldenstrom (eds) Sveriges Riksbank and the History of Central Banking. New York; Cambridge University Press, 2018
Central Bank Digital Currency and the Future of Monetary Policy. (with Andrew T. Levin) In Michael D. Bordo, John Cochrane and Amit Seru (eds) The Structural Foundations of Monetary Policy. Stanford: Hoover Institution Press pp 143-178, 2018
Central Bank Credibility Before and After the Crisis. (with Pierre Siklos) Open Economies Review 28 (1) pp 19-45, 2017
Money and Velocity During Financial Crises: From the Great Depression to the Great Recession (with Richard A Anderson and John V. Duca) Journal of Economics Dynamics and Control. 81 pp 32-49, 2017
Policy Credibility and Alternatives Approaches to Disinflation (with Christopher Erceg, Andrew Levin and Ryan Michaels) Research in Economics. Vol 7 (3) pp 422-460, 2017
A Global Shortage of Safe Assets: A New Triffin Dilemma? (with Robert McCauley) Atlantic Economic Journal 48 (4) pp 443-485. 2017
Monetary Policy Cooperation and Coordination: An Historical Perspective on the Importance of Rules (with Catherine Schenk) in Michael D Bordo and John B. Taylor (eds) Rules for International Monetary Stability. Stanford: Hoover institution Press pp 205-249 , 2017
Rules for International Monetary Stability: Past, Present and Future Michael D. Bordo and John B Taylor (eds) Hoover Institution Press 2017
The Real Exchange Rate in the Long Run: Balassa Samuelson Reconsidered (with Ehsan Choudhri, Giogio Fazio and Ronald MacDonald) Journal of International Money and Finance 7 pp 69-92. 2017.
Fiscal Crises and Financial Crises (with Christopher Meissner) North Holland Handbook of Macroeconomics, (eds) John B. Taylor and Harold Uhlig, North Holland Publishers, 2016
International Shocks andthe Balance Sheet of the Banque de France under the Classical Gold Standard (with Guillaume Bazot and Eric Monnet) Explorations in Economic History October 2016
Economic Policy Uncertainty and the Credit Channel: Aggregate and Bank Level U.S. Evidence over Several Decades (with John Duca and Christoffer Koch) Journal of Financial Stability. Vol 26, 1-38 (October, 2016)
The Current Account Version of the Triffin Dilemma (with Robert N. McCauley) Atlantic Economic Journal, June 2016
Deep Recessions, Fast Recoveries, and Financial Crises: Evidence from the American Record (with Joseph G. Haubrich) Economic Inquiry, June 2016
The Federal Reserve’s Role in the Global Economy: A Historical Perspective (with Mark A. Wynne) Cambridge University. New York 2016
Federal Reserve Policy and Bretton Woods (with Owen F. Humpage) in Michael Bordo and Mark Wynne (eds), The Federal Reserve’s Role in the Global Economy: A Historical Perspective, Cambridge University Press, (2016)
The Evolution of the Federal Reserve Swap Lines Since 1912 (with Owen Humpage and Anna Schwartz) IMF Economic Review, Vol 63. November 2, pp 353-372, May 2015
‘Putting the ‘System’ inthe International Monetary System’ (with Angela Reddish) in David Fox (ed) Money in the Western Legal Tradition. Oxford University Press 2015
Federal Reserve Credibility and Reputation in Historical Perspective, Prepared for the Shadow Open Market Committee Meeting November 3 2014, Harvard Club, New York City
Central Bank Credibility: An Historical and Quantitative Exploration, Joint with Pierre L. Siklos August 14 2014. Presented at the 2014 Norges Bank Conference “Of the Uses of Central Banks: Lessons from History”, Oslo, Norway.
Central Bank Credibility, Reputation and Inflation Targeting in Historical Perspective. Joint with Pierre Siklos. September 2014.
Expansionary Monetary Policy Can Create Asset Price Booms. Prepared for the Shadow Open Market Committee Meeting, November 20, 2012
Under What Circumstances Can Inflation Be a Solution to Excessive National Debt: Some Lessons from History? - Conference “Paper Money—State Financing—Inflation”, Institut fur bankhistoriische Forschung e.V, Deutshe Bundesbank, Frankfurt, Germany, September 18, 2012
Putting the ‘system’ in the international monetary system. (With Angela Redish) Conference on “Money in the Western Legal Tradition”, Cambridge, August 2012.
Could the United States Have had a Better Central Bank? : An Historical Counterfactual Speculation. Paper Written for the Symposium on “The Federal Reserve’s Centenary’’ Journal of Macroeconomics. February 2012
The Risks of Financial Turnmoil for Monetary Policy: Some Lessons from History. Shadow Open Market Committee. October 2011.
The Prospects of Inflation Ahead. Shadow Open Market Committee. March 2011.
The Great Depression and the Great Recession: What Have We Learnt? Paper prepared for the conference, “Past and Present: From the Great Depression of 1929 to the Great Recession of 2009”, December 2010 revision. In Spanish.
Remarks: The Future of the International Monetary System. Prepared for the Conference:” The International Monetary system: Old and New Debates” sponsored by the Reinventing Bretton Woods Committee. Paris, December 10, 2010
Lessons from the Gold Standard for Monetary Reform. Paper Prepared for the conference “ Human Flourishing, The Economy and Monetary. Reform” Princeton University November 3, 2010
Looking forward from the crisis of 2007-08. Norges Bank Ocassional Paper
Long term perspectives on central banking. Norges Bank Ocassional Paper
The Euro needs a Fiscal Union: Some Lessons from History. Shadow Open Market Committee. October 12, 2010.
Central Bank Independence and Financial Crises in History. Prepared for the Austrian National Bank 38th Economic Conference “Central Banking after the Crisis: Responsibilities, Strategies, Instruments” Vienna, May 31 2010
The Federal Reserve: Independence Gained, Independence Lost. Shadow Open Market Committee. March 2010.
Exits from Recessions: The U.S. Experience 1920-2007. Paper prepared for the Conference Volume, “No Way Out: Government Response to the Financial Crisis” edited by Vincent Reinhart. American Enterprise Institute
Lessons from the 1930’s for the Fed’s Exit Strategy. Shadow Open Market Committee Symposium, September 30 2009
Financial crises, sound policies and sound institutions: an interview with Michael Bordo . Interview conducted by John Singleton, July 2009.
Global shocks, Global Financial Crises: How Can Small Open economies like New Zealand Protect Themselves? An Historical Perspective. New Zealand, July 2009.
Foreign Currency Debt. Financial Crises and Economic Growth: A Long-Run View (with Chris Meissner) March 2009
The Great Contraction and the Current Crisis: Historical Parallels and Policy Lessons. Presented at the Shadow Open Market Committee Symposium, April 24, 2009.
Credit Market Turmoil, Monetary Policy and Business Cycles: an historical view (with Joseph G. Haubrich) April 2009
Crises and Capitalism: Does History Suggest Where We Are Heading? Remarks prepared for the Council on Foreign Relations Roundtable January 12, 2009
The U.S. Dollar and its Role in the International Monetary Order. With Harold James. December 2008.
An Historical Perspective on the Crisis of 2007-2008. Bank of Chile Twelfth Annual Conference. November 2008.
The Past and Future of IMF Reform (with Harold James). September 2008.
Growing Up to Financial Stability. Economics. April 2008
A long Term perspective on the Euro. CEPR Vox (with Harold James) . April 2008
The Crisis of 2007; some Lessons from History. CEPR Vox. December 2007
A brief History of Central banks. Economic commentary at the Federal Reserve Bank of Cleveland. December 2007
The Crisis of 2007 : The Same Old Story, Only the Players Have Changed. Remarks prepared for the Federal Reserve Bank of Chicago and International Monetary Fund conference; Globalization and Systemic Risk. Chicago, Illinois September 28, 2007
The History of Monetary Policy. Paper prepared for the New Palgrave Dictionary of Economics. February 2007
Deflation, Productivity Shocks and Gold: Evidence from the 1880-1914 period. (with John Landon-Lane and Angela Redish)
Sudden Stops, Financial Crises and Original Sin in Emerging Countries: Déjà vu? . Paper prepared for the Conference: Global Imbalances and Risk Management. Has the Center become the Periphery? Madrid, Spain, May 16-17 2006
U.S. Housing Boom-Busts in Historical Perspective Paper Prepared for the Conference on Housing Bubbles Networks Financial Institute Indiana State University Indianapolis, October 12, 2005
Introduction: Demand for Money: An Analysis of the Long-Run Behavior of the Velocity of Circulation (with Lars Jounug) Introduction to the Reprint of Demand for Money: An Analysis of the Long-Run Behavior of the Velocity of Circulation

Does the Euro have a Future? Paper Prepared for the Cato Institute 21st Annual Monetary Conference: The Future of the Euro, Washington D.C. November 2003.

Stock Market Crashes, Productivity Boom Busts and Recessions:Some Historical Evidence. Background paper prepared for the chapter on Asset Price Busts for World Economic Outlook, April 2003
Monetary Standards Essay written for the Oxford Encyclopedia of Economic History, October 2002
Monetary Policy and Asset Prices: Does "Benign Neglect" Make Sense? (with Olivier Jeanne) Preliminary Draft October 2002
A Return to the Convertibility Principle? Monetary and Fiscal Regimes in Historical Perspective: The International Evidence (with Lars Jonung) Chapter 8 in Axel Leijonhufvud, ed., Monetary Theory and Policy Experience, International Economic Association, Conference Volume No. 132, Palgrave 2001.
Is the Crisis Problem growing More Severe? (with Barry Eichengreen, Daniela Klingbiel and Maria Soledad Martinez-Peria) Mimeograph December 2000
Sound Money and Sound Financial Policy. Prepared for the conference “Anna Schwartz – The Policy Influence,” American Enterprise Institute. Washington D.C. April 14, 2000
An Historical Perspective on the East Asian Crisis. Prepared for the Conference “Tigers in Distress: the Political Economy of the East Asian Crisis.” Columbia University March 5, 2000
The Globalization of International Financial Markets: What Can History Teach Us? Prepared for the conference “International Financial Markets: The Challenge of Globalization,” March 31, 2000. Texas A and M University, College Station Texas.
"The International Transmission of Financial Crises before World War II: Was There Contagion?" (with Antu Panini Murshid) Prepared for UNU/WIDER conference on Financial Contagion. Helsinki. November 1999.
"Is Our Current International Economic Environmant Unusually Crisis Prone?" (with Barry Eichengreen). Prepared for the Reserve Bank of Australia Conference on Private Capital. Sydney. August 1999.
"Canada's Monetary System in Historical Perspective: Two Faces of the Exchange Rate Regime" (with A. Redish and R. Shearer) 1999
"A Return to the Convertibility Principle? Monetary and Fiscal Regimes in Historical Perspective. The International Evidence," (with Lars Jonung) Forthcoming in Axel Leijonhufvud, ed., "Monetary Theory as a Basis for Monetary Policy", MacMillan.
"Historical Evidence on Business Cycles: The international experience," (with Michael Bergman and Lars Jonung) Prepared for the Federal Reserve Bank of Boston Annual Conference: "Beyond Shocks: What Causes Business Cycles?" Cape Cod, June 24-26, 1998
Currency Crises (And Banking Crises) in Historical Perspective , Stockholm School of Economics Research Report No.10, 1998
"The Legacy of French and English Fiscal and Monetary Institutions for Canada," (with Angela Redish) Figures are not yet available online. 1997