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An Analysis of the Long-Run Behavior of the Velocity of Circulation
The income velocity of money-an inverse measure of the demand for money balances-is the ratio of the money value of income to the average money stock ...
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, c...
US Foreign-Exchange Operations and Monetary Policy in the Twentieth Century
Michael Bordo, Owen Humpage, and Anna Schwartz explore the evolution of exchange-market policyprimarily foreign-exchange interventionin the United Sta...
The Importance of Rules
Distinguished economist Michael D. Bordo argues for the importance of monetary stability and monetary rules, offering theoretical, empirical, and hist...
In this paper, I survey the issue of exchange rate regime choice from the perspective of both the industrial and emerging economies taking an historic...
The Role of the IMF
In this paper, we examine the IMF's role in maintaining the access of emerging market economies to international capital markets. We find evidence tha...
Does "Benign Neglect" Make Sense?
The link between monetary policy and asset price movements has been of perennial interest to policymakers. In this paper, we consider the potential ca...
Theory and Evidence
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Canada and the United States, 1870-1980
Abstract: This paper examines the origins and early performance of the Federal Reserve as lender of last resort. The Fed was established to overcome t...
A Return to Jekyll Island
Essays from the 2010 centenary conference of the 1910 Jekyll Island meeting of American financiers and the US Treasury....
Collected Essays
This book contains a collection of Michael D. Bordo's essays written singly and with colleagues on the classical gold standard and related regimes bas...
In The Structural Foundations of Monetary Policy, Michael D. Bordo, John H. Cochrane, and Amit Seru bring together discussions and presentations from ...
The Institutional Approach Revisited
Abstract: We study linkages between financial development, international trade, and long-run growth using data since 1880 for seventeen now-developed ...
An Examination of Retail Sales, 1929-1939
The present global monetary regime is based on floating among the major advanced countries. A key underlying factor behind the present regime is credi...
The International Evidence
The Role of the IMF.
In this paper, we examine the IMF`s role in maintaining the access of emerging market economies to international capital markets. We find evidence tha...