Michael D. Bordo

Distinguished Visiting Fellow
Biography: 

Michael D. Bordo is a Board of Governors Professor of Economics and director of the Center for Monetary and Financial History at Rutgers University, New Brunswick, New Jersey. He has held academic positions at the University of South Carolina and Carleton University in Ottawa, Canada. Bordo has been a visiting professor at the University of California at Los Angeles, Carnegie Mellon University, Princeton University, Harvard University, and Cambridge University, where he was the Pitt Professor of American History and Institutions. He is currently a distinguished visiting fellow at the Hoover Institution, Stanford University. He has been a visiting scholar at the International Monetary Fund; the Federal Reserve Banks of St. Louis, Cleveland, and Dallas; the Federal Reserve Board of Governors; the Bank of Canada; the Bank of England; and the Bank for International Settlement. He is a research associate of the National Bureau of Economic Research, Cambridge, Massachusetts, and a member of the Shadow Open Market Committee. He is also a member of the Federal Reserve Centennial Advisory Committee. He has a BA degree from McGill University, an MSc in economics from the London School of Economics, and PhD from the University of Chicago in 1972.

He has published many articles in leading journals including the Journal of Political Economy, the American Economic Review, the Journal of Monetary Economics, and the Journal of Economic History. He has authored and coedited fourteen books on monetary economics and monetary history. These include (with Owen Humpage and Anna J Schwartz), Strained Relations: US Foreign Exchange Operations and Monetary Policy in the Twentieth Century (University of Chicago Press, 2014); (with Athanasios Orphanides), The Great Inflation (University of Chicago Press for the NBER, 2013); (with Will Roberds), A Return to Jekyll Island (Cambridge University Press, 2013); (with Ronald MacDonald) Credibility and the International Monetary Regime (Cambridge University Press, 2012); (with Alan Taylor and Jeffrey Williamson), Globalization in Historical Perspective (University of Chicago Press for the NBER,2003). He is also editor of a series of books for Cambridge University Press: Studies in Macroeconomic History.

He is currently doing research on a Hoover Institution book project The Historical Performance of the Federal Reserve: The Importance of Rules, a project on “Bank Lending and Policy Uncertainty”; a project on “Financial Globalization and Financial Crises”; and a project on “Central Bank Credibility and Reputation: A Historical Perspective.”

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Recent Commentary

Some Historical Reflections on the Governance of the Federal Reserve

by Michael D. Bordo
Thursday, June 18, 2015

This paper examines the historical record on Federal Reserve governance and especially the relationship between the Reserve banks and the Board from the early years of the Federal Reserve to the recent crisis. From the record I consider some lessons for the current debate over reform of the Federal Reserve. It was prepared for the May 21, 2015 Hoover Institution conference, “Central Bank Governance and Oversight Reform: A Policy Conference.”

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US Foreign-Exchange Operations and Monetary Policy in the Twentieth Century

by Michael D. Bordo, Owen F. Humpage, Anna J. Schwartzvia University of Chicago Press
Monday, March 2, 2015

During the twentieth century, foreign-exchange intervention was sometimes used in an attempt to solve the fundamental trilemma of international finance, which holds that countries cannot simultaneously pursue independent monetary policies, stabilize their exchange rates, and benefit from free cross-border financial flows.

Exiting from Low Interest Rates to Normality: An Historical Perspective

by Michael D. Bordovia Working Group on Economic Policy
Sunday, November 30, 2014

Working Group on Economic Policy: WP14110 - This paper examines the Federal Reserve’s recent policy of quantitative easing by looking back at the experience of the 1930s and 1940s when the Fed, under Treasury control, kept interest rates at levels comparable to today and its balance sheet increased similarly.

Featured Commentary

How Will the History Books Remember Ben Bernanke?

by Michael D. Bordovia Wall Street Journal
Tuesday, December 17, 2013

The following short essay was written for the Wall Street Journal as part of a symposium in which five economists were asked this same question.

The Federal Reserve's Role: Actions Before, During, and After the 2008 Panic in the Historical Context of the Great Contraction

by Michael D. Bordovia Working Group on Economic Policy
Sunday, December 1, 2013

Working Group on Economic Policy: WP13111

This paper examines the Federal Reserve’s actions before, during and after the 2008 financial crisis. It looks to the Great Contraction of 1929-1933 for historical context of the Federal Reserve’s actions.

Review of Ben S. Bernanke, The Federal Reserve and the Financial Crisis

by Michael D. Bordovia Working Group on Economic Policy
Thursday, August 1, 2013

Working Group on Economic Policy: WP13109

This review examines a collection of lectures given by Ben Bernanke on the Federal Reserve’s actions during the 2008 financial crisis.

The Great Inflation Cover

The Great Inflation: The Rebirth of Modern Central Banking

by Michael D. Bordovia University of Chicago Press
Friday, June 28, 2013

Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity.

Economic Crisis
Featured Commentary

Financial Recessions Don't Lead To Weak Recoveries

by Michael D. Bordovia Wall Street Journal
Thursday, September 27, 2012

There's a belief among policy makers that serious recessions associated with financial crises are necessarily followed by slow recoveries—like the one we've experienced since mid-2009. But this widespread belief is mistaken. To the contrary, U.S.

Whither the Euro: Some Lessons from the History of Fiscal Unions

by Michael D. Bordo
Saturday, February 25, 2012

Working Group on Economic Policy: WP63

The Euro area is still struggling through its debt crisis. 

Could the United States Have had a Better Central Bank? : An Historical Counterfactual Speculation

by Michael D. Bordo
Thursday, December 1, 2011
Working Group on Economic Policy: WP62
 
The Federal Reserve’s Centenary will be in 2014.It is time to reflect on how the institution has done in its first 100 years—on its successes and failures. 

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