The Historical Performance of the Federal Reserve

The Historical Performance of the Federal Reserve : The Importance of Rules

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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 examines theoretical perspectives in monetary theory on the case for stable money and the importance of monetary rules. The author also looks at the historical and empirical record of economic performance (both inflation and real output) across policy regimes. He examines the performance of the Federal Reserve in its pursuit of discretionary monetary policy, and he reviews the history of monetary policy during the Great Depression.
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Product details

  • Hardback | 648 pages
  • 152 x 229 x 48.26mm | 1,161.2g
  • Stanford, United States
  • English
  • None
  • 0817922148
  • 9780817922146

About Michael D. Bordo

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.
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