NBER Working Papers by Michael D. Bordo

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Working Papers

July 2014Tales from the Bretton Woods
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 2013The 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 2012Does 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
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
March 2007Three Great American Disinflations
with Christopher Erceg, Andrew Levin, Ryan Michaels: w12982
Growing Up to Financial Stability
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?
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
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
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
March 2003Is Deflation depressing? Evidence from the Classical Gold Standard
with Angela Redish: w9520
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
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
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'
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
March 1992Maximizing Seignorage Revenue During Temporary Suspensions of Convertibility: A Note
with Angela Redish: w4024
The Bretton Woods International Monetary System: An Historical Overview
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
1989Money Stock Targeting, Base Drift and Price-Level Predictability: Lessons From the U.K. Experience
with Ehsan U. Choudhri, Anna J. Schwartz: w2825
April 1988The Contribution of a Monetary History of the United States: 1867 to 1960 To Monetary History
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
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
April 1985Some Historical Evidence 1870-1933 on the Impact and International Transmission of Financial Crises

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