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The Historical Performance of the Federal Reserve
The Historical Performance of the Federal Reserve

The Historical Performance of the Federal Reserve

The Importance of Rules


648 Pages, 6 x 9

Formats: Cloth, EPUB, PDF, Mobipocket

Cloth, $39.95 (US $39.95) (CA $53.95)

Publication Date: June 2019

ISBN 9780817922146

Rights: WOR

Hoover Institution Press (Jun 2019)


eBook Editions Available

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Price: $39.95


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.

Author Biography

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.