NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Publications by Michael D. Bordo

Contact and additional information for this authorAll papers and publicationsWorking Papers onlyWorking Papers with publication info

Books

Strained Relations: U.S. Monetary Policy and Foreign-Exchange Operations in the Twentieth Century
with Owen F. Humpage, Anna J. Schwartz
Forthcoming from University of Chicago Press

The Great Inflation: The Rebirth of Modern Central Banking
with Athanasios Orphanides
Conference held September 25-27, 2008
Published in June 2013 by University of Chicago Press
© 2013 by the National Bureau of Economic Research

Globalization in Historical Perspective
with Alan M. Taylor, Jeffrey G. Williamson
Conference held May 3-6, 2001
Published in January 2003 by University of Chicago Press
© 2003 by the National Bureau of Economic Research

The Defining Moment: The Great Depression and the American Economy in the Twentieth Century
with Claudia Goldin, Eugene N. White
Published in January 1998 by University of Chicago Press
© 1998 by the National Bureau of Economic Research

A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform
with Barry Eichengreen
Conference held October 3-6, 1991
Published in January 1993 by University of Chicago Press
© 1993 by the National Bureau of Economic Research

Money, History, and International Finance: Essays in Honor of Anna J. Schwartz
Conference held October 6, 1987
Published in 1989 by University of Chicago Press, 1989
© 1989 by the National Bureau of Economic Research

A Retrospective on the Classical Gold Standard, 1821-1931
with Anna J. Schwartz
Published in 1984 by University of Chicago Press
© 1984 by the National Bureau of Economic Research

Working Papers and Chapters

July 2014Tales from the Bretton Woods
w20270
June 2014The Real Exchange Rate in the Long Run: Balassa-Samuelson Effects Reconsidered
with Ehsan U. Choudhri, Giorgio Fazio, Ronald MacDonald: w20228
October 2013What Explains House Price Booms?: History and Empirical Evidence.
with John Landon-Lane: w19584
Does Expansionary Monetary Policy Cause Asset Price Booms; Some Historical and Empirical Evidence
with John Landon-Lane: w19585
June 2013Front matter, table of contents, preface
with Athanasios Orphanides
in The Great Inflation: The Rebirth of Modern Central Banking, Michael D. Bordo and Athanasios Orphanides, editors
Bretton Woods and the Great Inflation
with Barry Eichengreen
in The Great Inflation: The Rebirth of Modern Central Banking, Michael D. Bordo and Athanasios Orphanides, editors
The European Crisis in the Context of the History of Previous Financial Crises
with Harold James: w19112
May 2013Putting the ‘System’ in the International Monetary System
with Angela Redish: w19026
February 2013Not Just the Great Contraction: Friedman and Schwartz’s A Monetary History of the United States 1867 to 1960
with Hugh Rockoff: w18828
June 2012Deep Recessions, Fast Recoveries, and Financial Crises: Evidence from the American Record
with Joseph G. Haubrich: w18194
April 2012Epilogue: Foreign-Exchange-Market Operations in the Twenty-First Century
with Owen Humpage, Anna J. Schwartz: w17984
March 2012Introduction to "The Great Inflation"
with Athanasios Orphanides
in The Great Inflation: The Rebirth of Modern Central Banking, Michael D. Bordo and Athanasios Orphanides, editors
Does Inequality Lead to a Financial Crisis?
with Christopher M. Meissner: w17896
October 2011Reserves and Baskets
with Harold James: w17492
September 2011The Federal Reserve as an Informed Foreign Exchange Trader: 1973 – 1995
with Owen F. Humpage, Anna J. Schwartz: w17425
A Fiscal Union for the Euro: Some Lessons from History
with Agnieszka Markiewicz, Lars Jonung: w17380
August 2011Why didn’t Canada have a banking crisis in 2008 (or in 1930, or 1907, or ...)?
with Angela Redish, Hugh Rockoff: w17312
The Influence of Irving Fisher on Milton Friedman’s Monetary Economics
with Hugh Rockoff: w17267
May 2011Historical Evidence on the Finance-Trade-Growth Nexus
with Peter L. Rousseau: w17024
April 2011U.S. Intervention During the Bretton Woods Era: 1962-1973
with Owen F. Humpage, Anna J. Schwartz: w16946
February 2011The Promise and Performance of the Federal Reserve as Lender of Last Resort 1914-1933
with David C. Wheelock: w16763
December 2010U.S. Foreign-Exchange-Market Intervention and the Early Dollar Float: 1973 – 1981
with Owen F. Humpage, Anna J. Schwartz: w16647
The Global Financial Crisis of 2007-08: Is it Unprecedented?
with John S. Landon-Lane: w16589
September 2010The Lessons from the Banking Panics in the United States in the 1930s for the Financial Crisis of 2007-2008
with John Landon-Lane: w16365
U.S. Foreign-Exchange-Market Intervention during the Volcker-Greenspan Era
with Owen F. Humpage, Anna J. Schwartz: w16345
June 2010International Business Cycle Synchronization in Historical Perspective
with Thomas F. Helbling: w16103
May 2010Global shocks, economic growth and financial crises: 120 years of New Zealand experience
with David Hargreaves, Mizuho Kida: w16027
February 2010Exits from Recessions: The U.S. Experience 1920-2007
with John Landon-Lane: w15731
December 2009The Great Depression Analogy
with Harold James: w15584
November 2009Foreign Currency Debt, Financial Crises and Economic Growth: A Long Run View
with Christopher M. Meissner, David Stuckler: w15534
September 2009Credit Crises, Money and Contractions: an historical view
with Joseph G. Haubrich: w15389
January 2009Sterling in crisis: 1964-1967
with Ronald MacDonald, Michael J. Oliver: w14657
December 2008An Historical Perspective on the Crisis of 2007-2008
w14569
Bretton Woods and the Great Inflation
with Barry Eichengreen: w14532
May 2008Inflation, Monetary Policy and Stock Market Conditions
with Michael J. Dueker, David C. Wheelock: w14019
February 2008A Long Term Perspective on the Euro
with Harold James: w13815
November 2007Canada's Pioneering Experience with a Flexible Exchange Rate in the 1950s:(Hard) Lessons Learned for Monetary Policy in a Small Open Economy
with Ali Dib, Lawrence Schembri: w13605
Foreign Capital and Economic Growth in the First Era of Globalization
with Christopher M. Meissner: w13577
October 2007Sudden Stops: Determinants and Output Effects in the First Era of Globalization, 1880-1913
with Alberto F. Cavallo, Christopher M. Meissner: w13489
July 2007Financial Crises, 1880–1913: The Role of Foreign Currency Debt
with Christopher M. Meissner
in The Decline of Latin American Economies: Growth, Institutions, and Crises, Sebastian Edwards, Gerardo Esquivel and Graciela Márquez, editors
March 2007Three Great American Disinflations
with Christopher Erceg, Andrew Levin, Ryan Michaels: w12982
Growing Up to Financial Stability
w12993
November 2006The Historical Origins of U.S. Exchange Market Intervention Policy
with Owen Humpage, Anna J. Schwartz: w12662
October 2006David Laidler on Monetarism
with Anna J. Schwartz: w12593
August 2006Swiss Exchange Rate Policy in the 1930s. Was the Delay in Devaluation Too High a Price to Pay for Conservatism?
with Thomas Helbling, Harold James: w12491
July 2006Sudden Stops, Financial Crises, and Original Sin in Emerging Countries: Déjà vu?
w12393
June 2006Currency Mismatches, Default Risk, and Exchange Rate Depreciation: Evidence from the End of Bimetallism
with Christopher M. Meissner, Marc D. Weidenmier: w12299
May 2006One World Money, Then and Now
with Harold James: w12189
February 2006Legal-Political Factors and the Historical Evolution of the Finance-Growth Link
with Peter L. Rousseau: w12035
December 2005The Role of Foreign Currency Debt in Financial Crises: 1880-1913 vs. 1972-1997
with Christopher M. Meissner: w11897
October 2005Review of A History of the Federal Reserve. Volume 1 (2003) by Allan H. Meltzer
w11714
August 2005Seventy Years of Central Banking: The Bank of Canada in International Context, 1935-2005
with Angela Redish: w11586
May 2005Historical Perspective on Global Imbalances
w11383
March 2005Financial Crises, 1880-1913: The Role of Foreign Currency Debt
with Christopher Meissner: w11173
October 2004Deflation and Monetary Policy in a Historical Perspective: Remembering the Past or Being Condemned to Repeat It?
with Andrew Filardo: w10833
Keeping Capital Flowing: The Role of the IMF
with Ashoka Mody, Nienke Oomes: w10834
August 2004Monetary Policy and Asset Prices: A Look Back at Past U.S. Stock Market Booms
with David C. Wheelock: w10704
April 2004The Yield Curve, Recessions and the Credibility of the Monetary Regime: Long Run Evidence 1875-1997
with Joseph G Haubrich: w10431
February 2004Good versus Bad Deflation: Lessons from the Gold Standard Era
with John Landon Lane, Angela Redish: w10329
December 2003Gold, Fiat Money, and Price Stability
with Robert D. Dittmar, William T. Gavin: w10171
Have National Business Cycles Become More Synchronized?
with Thomas Helbling: w10130
July 2003Why didn't France follow the British Stabilization after World War One?
with Pierre-Cyrille Hautcoeur: w9860
How "Original Sin" was Overcome: The Evolution of External Debt Denominated in Domestic Currencies in the United States and the British Dominions
with Christopher Meissner, Angela Redish: w9841
May 2003IS-LM and Monetarism
with Anna J. Schwartz: w9713
April 2003Exchange Rate Regime Choice in Historical Perspective
w9654
March 2003Is Deflation depressing? Evidence from the Classical Gold Standard
with Angela Redish: w9520
January 2003Front matter, Globalization in Historical Perspective
with Alan M. Taylor, Jeffrey G. Williamson
in Globalization in Historical Perspective, Michael D. Bordo, Alan M. Taylor and Jeffrey G. Williamson, editors
Introduction to "Globalization in Historical Perspective"
with Alan M. Taylor, Jeffrey G. Williamson
in Globalization in Historical Perspective, Michael D. Bordo, Alan M. Taylor and Jeffrey G. Williamson, editors
Core, Periphery, Exchange Rate Regimes, and Globalization
with Marc Flandreau
in Globalization in Historical Perspective, Michael D. Bordo, Alan M. Taylor and Jeffrey G. Williamson, editors
June 2002Globalization and Changing Patterns in the International Transmission of Shocks in Financial Markets
with Antu Panini Murshid: w9019
May 2002Boom-Busts in Asset Prices, Economic Instability, and Monetary Policy
with Olivier Jeanne: w8966
January 2002Crises Now and Then: What Lessons from the Last Era of Financial Globalization
with Barry Eichengreen: w8716
Charles Goodhart's Contributions to the History of Monetary Institutions
with Anna J. Schwartz: w8717
November 2001Bond Market Inflation Expectations in Industrial Countries: Historical Comparisons
with William G. Dewald: w8582
Aggregate Price Shocks and Financial Stability: The United Kingdom 1796-1999
with Michael J. Dueker, David C. Wheelock: w8583
Core, Periphery, Exchange Rate Regimes, and Globalization
with Marc Flandreau: w8584
October 2001The Adam Klug Memorial Lecture: Haberler versus Nurkse: The Case for Floating Exchange Rates as an Alternative to Bretton Woods?
with Harold James: w8545
August 2001The Inter-War Gold Exchange Standard: Credibility and Monetary Independence
with Ronald MacDonald: w8429
January 2001From the Exchange Stabilization Fund to the International Monetary Fund
with Anna J. Schwartz: w8100
September 2000Are Financial Crises Becoming Increasingly More Contagious? What is the Historical Evidence on Contagion?
with Antu P. Murshid: w7900
June 2000The International Monetary Fund: Its Present Role in Historical Perspective
with Harold James: w7724
May 2000Measuring Real Economic Effects of Bailouts: Historical Perspectives on How Countries in Financial Distress Have Fared With and Without Bailouts
with Anna J. Schwartz: w7701
April 2000Aggregate Price Shocks and Financial Instability: An Historical Analysis
with Michael J. Dueker, David C. Wheelock: h0125
Aggregate Price Shocks and Financial Instability: An Historical Analysis
with Michael J. Dueker, David C. Wheelock: w7652
January 2000Comment on "Currency Crisis and Unemployment: Sterling in 1931"
in Currency Crises, Paul Krugman, editor
September 1999The Future of EMU: What Does the History of Monetary Unions Tell Us?
with Lars Jonung: w7365
June 1999Was Adherence to the Gold Standard a "Good Housekeeping Seal of Approval" During the Interwar Period?
with Michael Edelstein: w7186
Is Globalization Today Really Different than Globalization a Hunderd Years Ago?
with Barry Eichengreen, Douglas A. Irwin: w7195
May 1999Was Expansionary Monetary Policy Feasible During the Great Contraction? An Examination of the Gold Standard Constraint
with Ehsan U. Choudhri, Anna J. Schwartz: w7125
December 1998Under What Circumstances, Past and Present, Have International Rescues of Countries in Financial Distress Been Successful?
with Anna J. Schwartz: w6824
What If Alexander Hamilton Had Been Argentinean? A Comparison of the Early Monetary Experiences of Argentina and the United States
with Carlos A. Vegh: w6862
September 1998Was There Really an Earlier Period of International Financial Integration Comparable to Today?
with Barry Eichengreen, Jongwoo Kim: w6738
March 1998The Rise and Fall of a Barbarous Relic: The Role of Gold in the International Monetary SYstem
with Barry Eichengreen: w6436
January 1998Implications of the Great Depression for the Development of the International Monetary System
with Barry Eichengreen
in The Defining Moment: The Great Depression and the American Economy in the Twentieth Century, Michael D. Bordo, Claudia Goldin and Eugene N. White, editors
Front matter, The Defining Moment
with Claudia Goldin, Eugene N. White
in The Defining Moment: The Great Depression and the American Economy in the Twentieth Century, Michael D. Bordo, Claudia Goldin and Eugene N. White, editors
The Defining Moment Hypothesis: The Editors' Introduction
with Claudia Goldin
in The Defining Moment: The Great Depression and the American Economy in the Twentieth Century, Michael D. Bordo, Claudia Goldin and Eugene N. White, editors
List of Contributors, Indexes
with Claudia Goldin, Eugene N. White
in The Defining Moment: The Great Depression and the American Economy in the Twentieth Century, Michael D. Bordo, Claudia Goldin and Eugene N. White, editors
September 1997Monetary Policy Regimes and Economic Performance: The Historical Record
with Anna J. Schwartz: w6201
July 1997Violations of the `Rules of the Game' and the Credibility of the Classical Gold Standard, 1880-1914
with Ronald MacDonald: w6115
June 1997Money, Sticky Wages, and the Great Depression
with Christopher J. Erceg, Charles N. Evans: w6071
January 1997Implications of the Great Depression for the Development of the International Monetary System
with Barry Eichengreen: w5883
November 1996A Comparison of the Stability and Efficiency of the Canadian and American Banking Systems 1870-1925
with Angela Redish: h0067
August 1996Why Clashes Between Internal and External Stability Goals End in Currency Crises, 1797-1994
with Anna J. Schwartz: w5710
March 1996Getting Pegged: Comparing the 1879 and 1925 Gold Resumptions
with Tamim Bayoumi: w5497
December 1995Real Versus Pseudo-International Systemic Risk: Some Lessons from History
with Bruce Mizrach, Anna J. Schwartz: w5371
November 1995Rules, Discretion, and Central Bank Independence: The German Experience 1880-1989
with Bernhard Eschweiler: w4547
The Gold Standard as a `Good Housekeeping Seal of Approval'
w5340
September 1994The Specie Standard as a Contingent Rule: Some Evidence for Core and Peripheral Countries, 1880-1990
with Anna J. Schwartz: w4860
February 1994France and the Bretton Woods International Monetary System: 1960-1968
with Dominique Simard, Eugene White: w4642
November 1993A Small Open Economy in Depression: Lessons from Canada in the 1930s
with Caroline M. Betts, Angela Redish: w4515
A Comparison of the United States and Canadian Banking Systems in the Twentieth Century: Stability vs. Efficiency?
with Hugh Rockoff, Angela Redish: w4546
October 1993Could Stable Money Have Averted The Great Contraction?
with Ehsan U. Choudhri, Anna J. Schwartz: w4481
August 1993Labor Productivity During the Great Depression
with Charles L. Evans: w4415
June 1993The Common Development of Institutional Change as Measured by Income Velocity: A Century of Evidence from Industrialized Countries
with Lars Jonung, Pierre Siklos: w4379
April 1993The Gold Standard, Bretton Woods and other Monetary Regimes: An Historical Appraisal
w4310
January 1993The Bretton Woods International Monetary System: A Historical Overview
in A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform, Michael D. Bordo and Barry Eichengreen, editors
Front matter, A Retrospective on the Bretton Woods System
with Barry Eichengreen
in A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform, Michael D. Bordo and Barry Eichengreen, editors
List of Contributors, Indexes
with Barry Eichengreen
in A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform, Michael D. Bordo and Barry Eichengreen, editors
March 1992Maximizing Seignorage Revenue During Temporary Suspensions of Convertibility: A Note
with Angela Redish: w4024
The Bretton Woods International Monetary System: An Historical Overview
w4033
January 1992Money versus Credit Rationing: Evidence for the National Banking Era, 1880-1914
with Peter Rappoport, Anna J. Schwartz
in Strategic Factors in Nineteenth Century American Economic History: A Volume to Honor Robert W. Fogel, Claudia Goldin and Hugh Rockoff, editors
December 1991British and French Finance During the Napoleonic Wars
with Eugene N. White: w3517
April 1991Money versus Credit Rationing: Evidence for the National Banking Era, 1880-1914
with Peter Rappoport, Anna J. Schwartz: w3689
December 1990What has Foreign Market Intervention Since the Plaza Agreement Accomplished?
with Anna J. Schwartz: w3562
May 1990The Gold Standard as a Rule
with Finn E. Kydland: w3367
December 1989The Long-Run Behavior of Velocity: The Institutional Approach Revisited
with Lars Jonung: w3204
June 1989The Lender of Last Resort: Some Historical Insights
w3011
1989Money Stock Targeting, Base Drift and Price-Level Predictability: Lessons From the U.K. Experience
with Ehsan U. Choudhri, Anna J. Schwartz: w2825
The Contribution of "A Monetary History of the United States, 1867-1960" to Monetary History
in Money, History, and International Finance: Essays in Honor of Anna J. Schwartz, Michael D. Bordo, editor
Introduction to "Money, History, and International Finance: Essays in Honor of Anna J. Schwartz"
in Money, History, and International Finance: Essays in Honor of Anna J. Schwartz, Michael D. Bordo, editor
Front matter "Money, History, and International Finance: Essays in Honor of Anna J. Schwartz"
in Money, History, and International Finance: Essays in Honor of Anna J. Schwartz, Michael D. Bordo, editor
April 1988The Contribution of a Monetary History of the United States: 1867 to 1960 To Monetary History
w2549
November 1987Credible Commitment and Exchange Rate Stability: Canada's Interwar Experience
with Angela Redish: w2431
August 1987Money Growth Variability and Money Supply Interdependence Under InterestRate Control: Some Evidence For Canada
with Ehsan U. Choudhri, Anna J. Schwartz: w1480
The ECU - An Imaginary or Embryonic Form of Money: What Can We Learn from History?
with Anna J. Schwartz: w2345
May 1987The Stochastic Properties of Velocity: A New Interpretation
with Lars Jonung: w2255
1987Clark Warburton: Pioneer Monetarist
with Anna J. Schwartz
in Money in Historical Perspective, Anna J. Schwartz
The Importance of Stable Money: Theory and Evidence
with Anna J. Schwartz
in Money in Historical Perspective, Anna J. Schwartz
November 1986The Global Velocity Curve 1952-1982
with Lars Jonung: w2074
Why did the Bank of Canada Emerge in 1935?
with Angela Redish: w2079
1986Explorations in Monetary History: A Survey of the Literature
w1821
April 1985Some Historical Evidence 1870-1933 on the Impact and International Transmission of Financial Crises
w1606
1984Front matter, preface, table of contents
with Anna J. Schwartz
in A Retrospective on the Classical Gold Standard, 1821-1931, Michael D. Bordo and Anna J. Schwartz, editors
The Gold Standard: The Traditional Approach
in A Retrospective on the Classical Gold Standard, 1821-1931, Michael D. Bordo and Anna J. Schwartz, editors
List of Contributors, Indexes
with Anna J. Schwartz
in A Retrospective on the Classical Gold Standard, 1821-1931, Michael D. Bordo and Anna J. Schwartz, editors
January PublicationStrained Relations: U.S. Monetary Policy and Foreign-Exchange Operations in the Twentieth Century
with Owen F. Humpage, Anna J. Schwartz
in Strained Relations: U.S. Monetary Policy and Foreign-Exchange Operations in the Twentieth Century, Michael D. Bordo, Owen F. Humpage, and Anna J. Schwartz

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