ENGLISH

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

By Michael D. Bordo

Book information

Publisher
Hoover Institution Press
Year
2019
ISBN
0817922148, 9780817922146
Language
english
Format
EPUB
Filesize
50 MB (52817877 bytes)
Pages
648\0
Topic
Economy
Time added
2022-01-19 12:20:56

Description

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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