Monetary Regimes and Policy on a Global Scale: The Oeuvre of Michael D. Bordo

Rockoff, Hugh and White, Eugene N. (2012): Monetary Regimes and Policy on a Global Scale: The Oeuvre of Michael D. Bordo.

Abstract

Michael D. Bordo has helped to define the modern field of monetary history, drawing from it important policy lessons for current practitioners. For his seventieth year, we survey his contributions to our understanding of the Great Depression, money and the economy in historical perspective, exchange rate regimes including the gold standard, Bretton Woods, and the European Monetary Union, globalization, financial crises, the Canadian monetary experience, and historical guidance for monetary policy.

• Item Type: MPRA Paper
• Language: English
• Keywords: JEL A31, B10, B20, E4, E5, E6, F3, F4, F5, F6, G28, N1, N2, N4
• Subjects: A - General Economics and Teaching > A3 - Collective Works > A31 - Collected Writings of Individuals; F - International Economics > F3 - International Finance; F - International Economics > F4 - Macroeconomic Aspects of International Trade and Finance; F - International Economics > F5 - International Relations, National Security, and International Political Economy; F - International Economics > F6 - Economic Impacts of Globalization; N - Economic History > N1 - Macroeconomics and Monetary Economics ; Industrial Structure ; Growth ; Fluctuations; N - Economic History > N2 - Financial Markets and Institutions; N - Economic History > N4 - Government, War, Law, International Relations, and Regulation

References

Barro, Robert J. 1979. Money and the price level under the gold standard. Economic Journal 89 (353) (03): 13-33.

Bayoumi, Tamim, and Michael D. Bordo. 1998. Getting pegged: Comparing the 1879 and 1925 gold resumptions. Oxford Economic Papers 50 (1) (Jan.): 122-49.

Bernanke, Ben S. 1983. Nonmonetary effects of the financial crisis in propagation of the great depression. American Economic Review 73 (3) (06): 257-76.

Bernanke, Ben S., and Mark Gertler. 2001. Should central banks respond to movements in asset prices? American Economic Review 91 (2) (05): 253-7.

Betts, Caroline M., Michael D. Bordo, and Angela Redish. 1996. A small open economy in depression: Lessons from Canada in the 1930s. The Canadian Journal of Economics / Revue Canadienne d'Economique 29 (1) (Feb.): 1-36.

Blinder, Alan S. and Jeremy B. Rudd. 2013. The Supply-Shock Explanation of the Great Stagflation Revisited. In The Great Inflation: The Rebirth of Modern Central Banking, eds. Michael D. Bordo and Athanasios Oprhanides, forthcoming, University of Chicago Press.

Bordo, Michael D. 2009. The crisis of 2007: The same old story, only the players have changed. In Globalization and systemic risk, eds. Douglas D. Evanoff, David S. Hoelscher and George G. Kaufman, 39-50. World Scientific Studies in International Economics, vol. 6. Hackensack, N.J. and Singapore: World Scientific.

Bordo, Michael D. 2008. “History of Monetary Policy”. In The New Palgrave Dictionary of Economics, 2nd Ed., eds. Steven N. Durlauf and Lawrence E. Blume, Palgrave Macmillan. New York. www.dictionaryofeconomics.com.

Bordo, Michael D. 2004. The United States as a monetary union and the euro: A historical perspective. Cato Journal 24 (1-2) (spring): 163-70.

Bordo, Michael D. 2003a. Comment on "the great depression and the Friedman-Schwartz hypothesis" by Lawrence Christiano, Roberto Motto, and Massimo Rostagno. Journal of Money, Credit and Banking 35 (6, Part 2: Recent Developments in Monetary Economics) (Dec.): 1199-203.

Bordo, Michael D. 2003b. The globalization of international financial markets: What can history teach us? In ed., Leonardo Auernheimer, Bush School Series in the Economics of Public Policy, vol. 3; Chicago and London:; University of Chicago Press, 29-78.

Bordo, Michael D. 2003c. A historical perspective on booms, busts, and recessions. IMF World Economic Outlook (April): 64-6.

Bordo, Michael D. 2003d. Market discipline and financial crisis policy: A historical perspective. In Market Discipline in banking: theory and evidence, ed. George G. Kaufman, 157-182. Research in Financial Services: Private and Public Policy, vol. 15; Amsterdam; London and New York:; Elsevier, JAI.

Bordo, Michael D. 2002. The great depression. IMF World Economic Outlook (April): 110-1.

Bordo, Michael D. 2000. Sound money and sound financial policy. Journal of Financial Services Research 18 (2-3) (12): 129-55.

Bordo, Michael D. 1999. International rescues versus bailouts: A historical perspective. Cato Journal 18 (3) (Winter): 363-75.

Bordo, Michael D. 1995. Is there a good case for a new Bretton Woods international monetary system? The American Economic Review 85 (2, Papers and Proceedings of the Hundredth and Seventh Annual Meeting of the American Economic Association Washington, DC, January 6-8, 1995) (May): 317-22.

Bordo, Michael D. 1992. Financial crises. The international library of macroeconomic and financial history. Vol. 5. Aldershot, Hants, England; Brookfield, Vt., USA: E. Elgar Pub.

Bordo, Michael D. 1991. Does bank regulation produce stability? Lessons from the United States: Comment. In Unregulated banking: Chaos or order, eds. Forrest H. Capie, Geoffrey E. Wood, 233-235. Foreword by Gordon Pepper; New York:; St. Martin's Press.

Bordo, Michael D. 1990. The lender of last resort: Alternative views and historical experience. Federal Reserve Bank of Richmond Economic Review 76 (1) (January): 18-29.

Bordo, Michael D. 1986. Financial crises, banking crises, stock market crashes and the money supply: Some international evidence, 1870-1933. In Financial crises and the world banking system, eds. Forrest Capie, Geoffrey E. Wood, 190-248. New York:; St. Martin's Press.

Bordo, Michael D. 1983. Some aspects of the monetary economics of richard cantillon. Journal of Monetary Economics 12 (2) (08): 235-58.

Bordo, Michael D. 1982. Monetary innovation in America: Discussion. The Journal of Economic History 42 (1, The Tasks of Economic History) (Mar.): 31-2.

Bordo, Michael D. 1981. The classical gold standard: Some lessons for today. Federal Reserve Bank of St.Louis Review 63 (5) (05): 2-17.

Bordo, Michael D. 1980. The effects of monetary change on relative commodity prices and the role of long-term contracts. Journal of Political Economy 88 (6) (Dec.): 1088-109.

Bordo, Michael D. 1977. The income effects of the sources of new money: A comparison of the United States and the United Kingdom, 1870-1913. Explorations in Economic History 14 (1) (01): 20-43.

Bordo, Michael D. 1975a. The income effects of the sources of monetary change: An historical approach. Economic Inquiry 13 (4) (12): 505-25.

Bordo, Michael D. 1975b. John E. Cairnes on the effects of the Australian gold discoveries, 1851-73: An early application of the methodology of positive economics. History of Political Economy 7 (3) (Fall): 337-59.

Bordo, Michael D., and Forrest Capie. 2006. Monetary regimes in transition. Cambridge, New York: Cambridge University Press.

Bordo, Michael D., Alberto F. Cavallo, and Christopher M. Meissner. 2010. Sudden stops: Determinants and output effects in the first era of globalization, 1880-1913. Journal of Development Economics 91 (2) (03): 227-41.

Bordo, Michael D. 2010. Sudden stops: Determinants and output effects in the first era of globalization, 1880-1913. Journal of Development Economics 91 (2) (03): 227-41.

Bordo, Michael D., and Ehsan U. Choudhri. 1982. Currency substitution and the demand for money: Some evidence for Canada. Journal of Money, Credit and Banking 14 (1) (Feb.): 48-57.

Bordo, Michael D., Ehsan U. Choudhri, and Anna J. Schwartz. 2002. Was expansionary monetary policy feasible during the great contraction? an examination of the gold standard constraint. Explorations in Economic History 39-1 : 1-28.

Bordo, Michael D., Ehsan U. Choudhri, and Anna J. Schwartz. 1995. Could stable money have averted the great contraction? Economic Inquiry 33 (3) (07): 484-505.

Bordo, Michael D., Ehsan U. Choudhri, and Anna J. Schwartz. 1987. The behavior of money stock under interest rate control: Some evidence for canada. Journal of Money, Credit and Banking 19 (2) (May): 181-97.

Bordo, Michael D., and Roberto Cortés Conde. 2001. Transferring wealth and power from the old to the new world: Monetary and fiscal institutions in the 17th through the 19th century. Studies in macroeconomic history. Cambridge, UK ; New York: Cambridge University Press.

Bordo, Michael D., Robert D. Dittmar, and William Gavin. 2007. B.E. Journal of Macroeconomics: Topics in Macroeconomics, 2007, v. 7, iss. 1.

Bordo, Michael D., Michael J. Dueker and David C. Wheelock. 2008. "Inflation, Monetary Policy and Stock Market Conditions" Federal Reserve Bank of St. Louis, Working Papers: 2008-012.

Bordo, Michael D., Michael J. Dueker and David C. Wheelock. 2003. Aggregate price shocks and financial stability: The United Kingdom 1796-1999. Explorations in Economic History 40 (2) (04): 143-69.

Bordo, Michael D., Michael J. Dueker and David C. Wheelock. 2002. Aggregate price shocks and financial instability: A historical analysis. Economic Inquiry 40 (4) (10): 521-38.

Bordo, Michael D., Michael Edelstein, and Hugh Rockoff. 2003. Was adherence to the gold standard a "good housekeeping seal of approval during the interwar period? In Finance, intermediaries, and economic development., eds. Stanley L. Engerman, Philip T. Hoffman, Jean-Laurent Rosenthal and Kenneth L. Sokoloff, 288-318. New York: Cambridge University Press.

Bordo, Michael D., and Barry Eichengreen. 1998. Implications of the great depression for the development of the international monetary system. In The defining moment: The Great Depression and the American economy in the twentieth century , eds. Michael D. Bordo, Claudia Goldin and Eugene N. White, 403-453.NBER Project Report series; Chicago and London: University of Chicago Press.

Bordo, Michael D., Barry Eichengreen, and Douglas A. Irwin. 2000a. Is globalization today really different than globalization a hundred years ago? part II: Financial integration. Wirtschaftspolitische Blatter 47 (2): 121-9.

Bordo, Michael D., Barry Eichengreen, and Douglas A. Irwin. 2000b. Is globalization today really different from globalization a hundred years ago? part 1: Commercial integration. Wirtschaftspolitische Blatter 47 (1): 3-12.

Bordo, Michael D., Barry Eichengreen and Jongwoo Kim, 1998. "Was there really an Earlier Period of International Financial Integration Comparable to Today?" National Bureau of Economic Research, Inc, NBER Working Papers: 6738, http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0717395&site=ehost-live; http://www.nber.org/papers/w6738.pdf.

Bordo, Michael D., Barry Eichengreen, Daniela Klingebiel, and Maria Martinez-Peria. 2008. Is the crisis problem growing more severe? In Financial crises, eds. Franklin Allen, Douglas Gale, 3-32. Elgar Reference Collection. International Library of Critical Writings in Economics, vol. 218. Cheltenham, U.K. and Northampton, Mass.: Elgar.

Bordo, Michael D., Barry Eichengreen, Daniela Klingebiel, and Maria Martinez-Peria. 2001. Financial crises: Lessons from the last 120 years. Economic Policy 16 (April): 51-82. Bordo, Michael D., Barry J. Eichengreen, and National Bureau of Economic Research. 1993. A retrospective on the Bretton Woods system: Lessons for international monetary reform. A national bureau of economic research project report. Chicago: University of Chicago Press.

Bordo, Michael D., and Richard Wayne Ellson. 1985. A model of the classical gold standard with depletion. Journal of Monetary Economics 16 (1) (07): 109-20.

Bordo, Michael D., Christopher J. Erceg, and Charles L. Evans. 2005. Money, sticky wages, and the great depression. In Economics of deflation, vol.2, ed. Pierre L. Siklos, 157-173. International Library of Critical Writings in Economics series, vol. 189. An Elgar Reference Collection; Cheltenham, U.K. and Northampton, Mass.: Elgar.

Bordo, Michael D., Christopher J. Erceg, and Charles L. Evans. 2001. Re-examining the contributions of money and banking shocks to the U.S. great depression: Comment. In NBER macroeconomics annual 2000, eds. Ben S. Bernanke, Kenneth Rogoff, 227-237. Volume 15; Cambridge and London: MIT Press.

Bordo, Michael D., Christopher J. Erceg, and Charles L. Evans. 2000. Money, sticky wages, and the great depression. American Economic Review 90 (5) (12): 1447-63. Bordo, Michael D., and Charles L. Evans. 1995. Labor productivity during the great depression. Economics Letters 47 (1) (01): 41-5.

Bordo, Michael D., and Andrew Filardo. 2007. Money still makes the world go round: The zonal view. Journal of the European Economic Association 5 (2-3) (April): 509-23.

Bordo, Michael D., and Andrew Filardo. 2005. Deflation and monetary policy in a historical perspective: Remembering the past or being condemned to repeat it? Economic Policy (44) (October): 799-836, 840-44.

Bordo, Michael D., and Marc Flandreau. 2003. Core, periphery, exchange rate regimes, and globalization. In Globalization in historical perspective, eds. Michael D. Bordo, Alan M. Taylor and Jeffrey G. Williamson, 417-468. NBER Conference Report series; Chicago and London: University of Chicago Press.

Bordo, Michael D., Claudia Dale Goldin, and Eugene Nelson White. 1998. The defining moment: The great depression and the American economy in the twentieth century. A national bureau of economic research project report. Chicago: University of Chicago Press.

Bordo, Michael D., Tamara Gomes, and Lawrence L. Schembri. 2010. Canada and the IMF: Trailblazer or prodigal son? Open Economies Review 21 (2) (04): 309-33.

Bordo, Michael D., and Joseph G. Haubrich. 2012. Deep Recessions, Fast Recoveries, and Financial Crises: Evidence from the American Record. National Bureau of Economic Research, Inc, NBER Working Papers: 18194.

Bordo, Michael D., and Joseph G. Haubrich. 2010. Credit crises, money and contractions: An historical view. Journal of Monetary Economics 57 (1) (01): 1-18.

Bordo, Michael D., and Joseph G. Haubrich. 2008. Forecasting with the yield curve; level, slope, and output 1875-1997. Economics Letters 99 (1) (04): 48-50.

Bordo, Michael D., and Joseph G. Haubrich. 2008. The yield curve as a predictor of growth: Long-run evidence, 1875-1997. The Review of Economics and Statistics 90 (1) (Feb.): 182-5.

Bordo, Michael D., and Pierre-Cyrille Hautcoeur. 2007. Why didn't France follow the British stabilisation after world war I? European Review of Economic History 11 (1) (04): 3-37.

Bordo, Michael D., Owen Humpage, and Anna J. Schwartz. 2007. The historical origins of US exchange market intervention policy. International Journal of Finance and Economics 12 (2) (04): 109-32.

Bordo, Michael D., Thomas Helbling, and Harold James. 2007. Swiss exchange rate policy in the 1930s: Was the delay in devaluation too high a price to pay for conservatism? Open Economies Review 18 (1) (02): 1-25.

Bordo, Michael D., Owen F. Humpage, and Anna J. Schwartz. 2011. On the evolution of U.S. foreign-exchange-market intervention: Thesis, theory, and institutions. Working paper / federal reserve bank of Cleveland. Vol. 1113. Cleveland, Ohio: Federal Reserve Bank of Cleveland.

Bordo, Michael D., Owen F. Humpage, and Anna J. Schwartz. 2011. US intervention during the Bretton Woods era, 1962 - 1973. NBER working papers: 16946.

Bordo, Michael D., Owen F. Humpage, and Anna J. Schwartz. 2007. The historical origins of US exchange market intervention policy. International Journal of Finance and Economics 12 (2) (04): 109-32.

Bordo, Michael D., and Harold James. 2012. Reserves and baskets. Open Economies Review 23 (1) (02): 113-27.

Bordo, Michael D., and Harold James. 2010. The past mirror: Notes, surveys, debates: The great depression analogy. Financial History Review 17 (2) (10): 127-40.

Bordo, Michael D., and Harold James. 2008. "A Long Term Perspective on the Euro" National Bureau of Economic Research, Inc, NBER Working Papers: 13815.

Bordo, Michael D., and Olivier Jeanne. 2004. Boom-busts in asset prices, economic instability, and monetary policy. In Deflation: Current and historical perspectives, eds. Richard C. K. Burdekin, Pierre L. Siklos, 131-165. Studies in Macroeconomic History; Cambridge and New York: Cambridge University Press.

Bordo, Michael D., and Olivier Jeanne. 2002. Monetary policy and asset prices: Does 'benign neglect' make sense? International Finance 5 (2) (summer): 139-64.

Bordo, Michael D., and Lars Jonung. 2003. The future of EMU: What does the history of monetary unions tell us? In Monetary Unions: theory, history, public choice, eds. Forrest H. Capie, Geoffrey E. Wood, 42-69. International Studies in Money and Banking, vol. 18; London and New York:; Routledge.

Bordo, Michael D., and Lars Jonung. 1999. The long-run behavior of velocity: The institutional approach revisited. In , ed. David Laidler, 517-549Elgar Reference Collection; Cheltenham, U.K. and Northampton, Mass.:; Elgar; distributed by American International Distribution Corporation, Williston, Vt.

Bordo, Michael D., and Lars Jonung. 1997. The history of monetary regimes--some lessons for Sweden and the EMU. Swedish Economic Policy Review 4 (2) (Autumn): 285-358. ———. 1987. The long-run behavior of the velocity of circulation: The international evidence. Cambridge Cambridgeshire; New York: Cambridge University Press.

Bordo, Michael D., Lars Jonung, and Pierre L. Siklos. 1997. Institutional change and the velocity of money: A century of evidence. Economic Inquiry 35 (4) (10): 710-24.

Bordo, Michael D., and Finn E. Kydland. 1995. The gold standard as a rule: An essay in exploration. Explorations in Economic History 32 (4) (10): 423-64.

Bordo, Michael D., and John Landon-Lane. 2010a. The banking panics in the United States in the 1930s: Some lessons for today. Oxford Review of Economic Policy 26 (3) (Autumn): 486-509.

Bordo, Michael D., and John Landon-Lane. 2010b "Exits from Recessions: The U.S. Experience 1920-2007." National Bureau of Economic Research, Inc, NBER Working Papers: 15731, http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1089388&site=ehost-live; http://www.nber.org/papers/w15731.pdf.

Bordo, Michael D., John Landon-Lane, and Angela Redish. 2010. Deflation, productivity shocks and gold: Evidence from the 1880-1914 period. Open Economies Review 21 (4) (09): 515-46.

Bordo, Michael D., John Landon-Lane, and Angela Redish.. 2009. Good versus bad deflation: Lessons from the gold standard era. In Monetary policy in low-inflation economies, eds. David E. Altig, Ed Nosal, 127-174. Cambridge and New York: Cambridge University Press.

Bordo, Michael D., and Ronald MacDonald. 2012. Credibility and the international monetary regime: A historical perspective. Studies in macroeconomic history. Cambridge ; New York: Cambridge University Press.

Bordo, Michael D., and Ronald MacDonald. 2005. Interest rate interactions in the classical gold standard, 1880-1914: Was there any monetary independence? Journal of Monetary Economics 52 (2) (03): 307-27.

Bordo, Michael D., and Ronald MacDonald. 2003. The inter-war gold exchange standard: Credibility and monetary independence. Journal of International Money and Finance 22 (1) (02): 1-32.

Bordo, Michael D., Ronald MacDonald, and Michael J. Oliver. 2009. Sterling in crisis, 1964-1967. European Review of Economic History 13 (3) (12): 437-59.

Bordo, Michael D., and Christopher M. Meissner. 2011. Foreign capital, financial crises and incomes in the first era of globalization. European Review of Economic History 15 (1) (04): 61-91.

Bordo, Michael D., and Christopher M. Meissner 2006. The role of foreign currency debt in financial crises: 1880-1913 versus 1972-1997. Journal of Banking and Finance 30 (12) (12): 3299-329.

Bordo, Michael D., Christopher M. Meissner, and Angela Redish. 2005. How original sin was overcome: The evolution of external debt denominated in domestic currencies in the United States and the British dominions, 1800-2000. In Other people's money: debt denomination and financial instability in emerging market economies, eds. Barry Eichengreen, Ricardo Hausmann, 122-153Chicago and London: University of Chicago Press.

Bordo, Michael D., Christopher M. Meissner, and David Stuckler. 2010. Foreign currency debt, financial crises and economic growth: A long-run view. Journal of International Money and Finance 29 (4) (06): 642-65.

Bordo, Michael D., Christopher M. Meissner, and Marc D. Weidenmier. 2009. Identifying the effects of an exchange rate depreciation on country risk: Evidence from a natural experiment. Journal of International Money and Finance 28 (6) (10): 1022-44.

Bordo, Michael D., Ashoka Mody, and Nienke Oomes. 2006. Keeping capital flowing: The role of the IMF. In IMF-Supported programs: recent staff research, eds. Ashoka Mody, Alessandro Rebucci, 228-244Washington, D.C.: International Monetary Fund.

Bordo, Michael D., Ashoka Mody, and Nienke Oomes 2004. Keeping capital flowing: The role of the IMF. International Finance 7 (3) (Winter): 421-50.

Bordo, Michael D., and Antu Panini Murshid. 2006. Globalization and changing patterns in the international transmission of shocks in financial markets. Journal of International Money and Finance 25 (4) (06): 655-74.

Bordo, Michael D., and Antu Panini Murshid. 2003. Globalization and changing patterns in crisis transmission. In Asset price bubbles: The implications for monetary, regulatory, and international policies, eds. William C. Hunter, George G. Kaufman and Michael Pomerleano, 309-322. Cambridge and London:; MIT Press.

Bordo, Michael D., and Athanasios Orphanides. 2013. The Great Inflation: The Rebirth of Modern Central Banking (National Bureau of Economic Research Conference Report). Forthcoming, University of Chicago Press.

Bordo, Michael D., Peter Rappoport, and Anna J. Schwartz. 1992. Money versus credit rationing: Evidence for the national banking era, 1880-1914. In Strategic factors in nineteenth century American economic history: A volume to honor Robert W. Fogel, eds. Claudia Goldin, Hugh Rockoff, 189-223.A National Bureau of Economic Research Conference Report; Chicago and London:; University of Chicago Press.

Bordo, Michael D., and Angela Redish. 2004. Is deflation depressing? Evidence from the classical gold standard. In Deflation: Current and historical perspectives, eds. Richard C. K. Burdekin, Pierre L. Siklos, 191-217Studies in Macroeconomic History; Cambridge and New York:; Cambridge University Press.

Bordo, Michael D., and Angela Redish. 1990. Credible commitment and exchange rate stability: Canada's interwar experience. The Canadian Journal of Economics / Revue Canadienne d'Economique 23 (2) (May): 357-80.

Bordo, Michael D., and Angela Redish. 1987. Why did the bank of Canada emerge in 1935? Journal of Economic History 47 (2) (06): 405-17.

Bordo, Michael D., Angela Redish and Hugh Rockoff, "Why Didn't Canada have a Banking Crisis in 2008 (Or in 1930, Or 1907, Or ...)?" 2013. Forthcoming, Economic History Review.

Bordo, Michael D., Angela Redish and Hugh Rockoff 1996a. "A Comparison of the Stability and Efficiency of the Canadian and American Banking Systems, 1870-1925," Financial History Review 3 (April): 29-48.

Bordo, Michael D., Angela Redish and Hugh Rockoff. 1996b. "A Comparison of the United States and Canadian Banking Systems in the Twentieth Century," in Anglo-American Financial Systems, eds. Michael D. Bordo and Richard Sylla. Burr Ridge, NJ: Irwin Professional Publishing, 11-40.

Bordo, Michael D., Angela Redish and Hugh Rockoff. 1994. The U.S. banking system from a northern exposure: Stability versus efficiency. The Journal of Economic History 54 (2, Papers Presented at the Fifty-Third Annual Meeting of the Economic History Association) (Jun.): 325-41.

Bordo, Michael D. and William Roberds, eds. 2013, forthcoming. The Origins, History, and Future of the Federal Reserve: A Return to Jekyll Island. New York: Cambridge University Press.

Bordo, Michael D., and Hugh Rockoff. 1996. The gold standard as a "good housekeeping seal of approval". The Journal of Economic History 56 (2, Papers Presented at the Fifty-Fifth Annual Meeting of the Economic History Association) (Jun.): 389-428.

Bordo, Michael D., and Peter L. Rousseau. 2011. Historical evidence on the finance-trade-growth nexus. NBER working paper series. Vol. 17024. Cambridge, Mass: .

Bordo, Michael D., and Peter L. Rousseau. 2006. Legal-political factors and the historical evolution of the finance-growth link. European Review of Economic History 10 (3) (12): 421-44.

Bordo, Michael D., and Anna J. Schwartz. 2010. David Laidler on monetarism. In David Laidler's contributions to economics, ed. Robert Leeson, 44-56, 57-59. New York: St. Martin's Press, Palgrave Macmillan.

Bordo, Michael D., and Anna J. Schwartz. 2004. IS-LM and monetarism. History of Political Economy 36: 217-39.

Bordo, Michael D., and Anna J. Schwartz. 2003. Charles Goodhart's contributions to the history of monetary institutions. In Essays in honour of Charles Goodhart.Volume 2: Monetary history, exchange rates and financial markets, ed. Paul Mizen, 34-5. Cheltenham, U.K. and Northampton, Mass.:; Elgar; distributed by American International Distribution Corporation, Williston, Vt.

Bordo, Michael D., and Anna J. Schwartz. 2000. Measuring real economic effects of bailouts: Historical perspectives on how countries in financial distress have fared with and without bailouts. Carnegie-Rochester Conference Series on Public Policy 53 (12): 81-167.

Bordo, Michael D., and Anna J. Schwartz. 1999. Under what circumstances, past and present, have international rescues of countries in financial distress been successful? Journal of International Money and Finance 18 (4) (08): 683-708.

Bordo, Michael D., and Anna J. Schwartz. 1996. Why clashes between internal and external stability goals end in currency crises, 1797-1994. Open Economies Review 7 (01/): 437-68.

Bordo, Michael D., and Anna J. Schwartz. 1995. The performance and stability of banking systems under 'self-regulation': Theory and evidence. Cato Journal 14 (3) (Winter): 453-79.

Bordo, Michael D., and Anna J. Schwartz. 1991. What has foreign exchange market intervention since the plaza agreement accomplished? Open Economies Review 2 (1): 39-64.

Bordo, Michael D., and Anna J. Schwartz. 1981. Money and prices in the 19th century: Was Thomas Tooke right? Explorations in Economic History 18 (2) (04): 97-127.

Bordo, Michael D., and Anna J. Schwartz. 1980. Money and prices in the nineteenth century: An old debate rejoined. The Journal of Economic History 40 (10, The Tasks of Economic History) (Mar.): 61-7.

Bordo, Michael D., and Anna J. Schwartz. 1979. Clark Warburton: Pioneer monetarist. Journal of Monetary Economics 5 (1): 43-65.

Bordo, Michael D., and Anna J. Schwartz. 1977. Issues in Monetary Economics and their Impact on Research in Economic History. In Research in Economic History: Recent Developments in the Study of Business and Economic History: Essays in Memory of Herman E. Kroos. Supplement 1. Greenwich, CT. JAI Press, 81-130.

Bordo, Michael D., Anna J. Schwartz, and National Bureau of Economic Research. 1984. A retrospective on the classical gold standard, 1821-1931. National Bureau of Economic Research conference report. Chicago, Ill.: University of Chicago Press.

Bordo, Michael D., Dominique Simard, and Eugene N. White. 1995. France and the Bretton Woods international monetary system 1960 to 1968. In ed., Jaime Reis, International monetary systems in historical perspective. New York: St. Martin's Press; London: Macmillan Press, 153-180.

Bordo, Michael D., Richard Eugene Sylla, and New York University. Salomon Center. 1995. Anglo-American financial systems: Institutions and markets in the twentieth century. Burr Ridge, Ill: Irwin Professional Pub.

Bordo, Michael D., Alan M. Taylor, Jeffrey G. Williamson, and National Bureau of Economic Research. 2003. Globalization in historical perspective. National Bureau of Economic Research conference report. Chicago, Ill.: University of Chicago Press.

Bordo, Michael D., and Carlos A. Vegh. 2002. What if Alexander Hamilton had been Argentinean? A comparison of the early monetary experiences of Argentina and the United States. Journal of Monetary Economics 49 (3) (04): 459-94.

Bordo, Michael D., and David C. Wheelock. 2009. When do stock market booms occur? The macroeconomic and policy environments of twentieth century booms. In The origins and development of financial markets and institutions: from the seventeenth century to the present, eds. Jeremy Atack, Larry Neal, 416-449. Cambridge and New York: Cambridge University Press.

Bordo, Michael D., and David C. Wheelock. 2007. Stock market booms and monetary policy in the twentieth century. Federal Reserve Bank of St. Louis Review 89 (2) (March): 91-122.

Bordo, Michael D., and David C. Wheelock. 2004. Monetary policy and asset prices: A look back at past U.S. stock market booms. Federal Reserve Bank of St. Louis Review 86 (6) (November): 19-44.

Bordo, Michael D., and David C. Wheelock. 1998. Price stability and financial stability: The historical record. Federal Reserve Bank of St.Louis Review 80 (5) (September): 41-62.

Bordo, Michael D., and Eugene N. White. 1991. A tale of two currencies: British and French finance during the Napoleonic wars. The Journal of Economic History 51 (2) (Jun.): 303-16.

Bordo, Michael D., and Eugene N. White. 1993. British and French finance during the Napoleonic Wars. In Monetary Regimes in Transition, eds. Michael D. Bordo and Forrest Capie, 241-274. Cambridge, Cambridge University Press. Boyer, George R., and Timothy J. Hatton. 2002. New estimates of British unemployment, 1870-1913. Journal of Economic History 62 (3) (09): 643-75.

Carter, Susan B., Scott Sigmund Gartner, Michael R. Haines, Alan L. Olmstead, Richard Sutch, and Gavin Wright. 2006. Historical statistics of the united states: Earliest times to the present. Millennial Edition ed. New York: Cambridge University Press.

Cecchetti, Stephen G. 1992. Prices during the great depression: Was the deflation of 1930-1932 really unanticipated? American Economic Review 82 (1) (03): 141-56.

Cecchetti, Stephen G., Pok-sang Lam, and Nelson C. Mark. 2000. Asset pricing with distorted beliefs: Are equity returns too good to be true? American Economic Review 90 (4) (09): 787-805.

Cole, Harold L., and Lee E. Ohanian. 2001. Re-examining the contributions of money and banking shocks to the U.S. great depression. In NBER macroeconomics annual 2000, eds. Ben S. Bernanke, Kenneth Rogoff, 183-227. Volume 15; Cambridge and London: MIT Press.

Economic Report of the President. 2012. . Washington: Government Printing Office.

Eichengreen, Barry. 1992. Golden fetters: The gold standard and the great depression, 1919-1939NBER Series on Long-Term Factors in Economic Development; New York and Oxford:; Oxford University Press.

Eschweiler, Bernhard, and Michael D. Bordo. 1994. Rules, discretion, and central bank independence: The German experience, 1880-1989. In Varieties of monetary reforms: Lessons and experiences on the road to monetary union, ed. Pierre L. Siklos, 279-321. Dordrecht and Boston: Kluwer Academic.

Eichengreen, Barry, and Michael D. Bordo. 2003. Crises now and then: What lessons from the last era of financial globalization? In Essays in honour of Charles Goodhart. Volume 2: Monetary history, exchange rates and financial markets, ed. Paul Mizen, 52-91. Cheltenham, U.K. and Northampton, Mass.: Elgar; distributed by American International Distribution Corporation, Williston, Vt.

Friedman, Milton. 1953. The case for flexible exchange rates. In Essays in positive economics., ed. Milton: Friedman, 157-203. Chicago: University of Chicago Pres.

Friedman, Milton, and Anna Schwartz. 1963. A monetary history of the United States, 1867-1960. National bureau of economic research. Studies in business cycles. Vol. 12. Princeton: Princeton University Press.

Global Financial Data. [cited December 2012]. Available from www.globalfinancialdata.com.

Hamilton, James D. 1992. Was the deflation during the great depression anticipated? Evidence from the commodity futures market. American Economic Review 82 (1) (03): 157-78.

Johnston, Louis, and Williamson, Samuel H. What was the U.S. GDP then? 2011 [cited June/1 2011]. Available from http://www.measuringworth.org/usgdp/. McCallum, Bennett T. 1990. Could a monetary base rule have prevented the great depression? Journal of Monetary Economics 26 (1) (08): 3-26.

Miron, Jeffrey A. 1994. Empirical methodology in macroeconomics: Explaining the success of Friedman and Schwartz’s 'A monetary history of the united states, 1867-1960.’ Journal of Monetary Economics 34 (1) (08): 17-25.

Richardson, Gary. 2007. Categories and causes of bank distress during the great depression, 1929-1933: The illiquidity versus insolvency debate revisited. Explorations in Economic History 44 (4) (10): 588-607. Richardson, Gary, and William Troost. 2009. Monetary intervention mitigated banking panics during the great depression: Quasi-experimental evidence from a Federal Reserve district border, 1929-1933. Journal of Political Economy 117 (6) (12): 1031-73.

Romer, Christina D. 1993. The nation in depression. Journal of Economic Perspectives 7 (2) (spring): 19-39.

Schwartz, Anna J., and Michael D. Bordo. 1989. Money, history, and international finance: Essays in honor of Anna J. Schwartz. A National Bureau of Economic Research conference report. Chicago: University of Chicago Press. Temin, Peter. 1989. Lessons from the great depression: The Lionel Robbins lectures for 1989. Lionel Robbins lectures. Cambridge, Mass.: MIT Press.

Thorp, Willard Long, Hildegarde E. Thorp, and Wesley C. Mitchell. 1926. Business annals: United states, England, France, Germany, Austria, Russia, Sweden, Netherlands, Italy, Argentina, Brazil, Canada, South Africa, Australia, India, Japan, China. Publications of the national bureau of economic research. Vol. 8. New York: National Bureau of Economic Research, inc.

Tobin, James. 1970. Money and income: Post hoc ergo propter hoc? Quarterly Journal of Economics 84 (2) (05): 301-17.

Tobin, James. 1965. The Monetary Interpretation of History. The American Economic Review, Vol. 55, No. 3 (June): 464-485.