The Historical Performance of the Federal Reserve

The Importance of Rules

Business & Finance, Economics, Money & Monetary Policy
Cover of the book The Historical Performance of the Federal Reserve by Michael D. Bordo, Hoover Institution Press
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Author: Michael D. Bordo ISBN: 9780817922160
Publisher: Hoover Institution Press Publication: June 1, 2019
Imprint: Hoover Institution Press Language: English
Author: Michael D. Bordo
ISBN: 9780817922160
Publisher: Hoover Institution Press
Publication: June 1, 2019
Imprint: Hoover Institution Press
Language: English

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.

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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.

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