The Historical Performance of the Federal Reserve: The Importance of Rules (695)

Bordo, Michael D.

ISBN 10: 0817922148 / ISBN 13: 9780817922146

Published by Hoover Institution Press, 2019

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Bibliographic Details

• Title: The Historical Performance of the Federal Reserve: The Importance of Rules (695)
• Publisher: Hoover Institution Press
• Publication Date: 2019
• Language: English
• ISBN 10: 0817922148
• ISBN 13: 9780817922146
• Binding: Hardcover
• Condition: new

About this title

Synopsis

Distinguished economist Michael D. Bordo argues for the importance of monetary stability and monetary rules, offering theoretical, empirical, and historical perspectives to support his case. He shows how the pursuit of stable monetary policy guided by central banks following rule-like behavior produces low and stable inflation, stable real performance, and encourages financial stability. In contrast, he explains how the failure to adhere to rules that produce monetary stability will inevitably produce the dire consequences of real, nominal, and financial instability. Bordo also examines the performance of the Federal Reserve and he reviews the history of monetary policy during the Great Depression.

About the Author

Michael D. Bordo is currently Board of Governors Professor of Economics and director of the Center for Monetary and Financial History at Rutgers University. He is also a Distinguished Visiting Fellow at the Hoover Institution at Stanford University.