Hostname: page-component-78c5997874-g7gxr Total loading time: 0 Render date: 2024-11-09T05:59:30.720Z Has data issue: false hasContentIssue false

An Historical Perspective on the Quest for Financial Stability and the Monetary Policy Regime

Published online by Cambridge University Press:  29 June 2018

Abstract

This article surveys the co-evolution of monetary policy and financial stability for a number of countries from 1880 to the present. Historical evidence on the incidence, costs, and determinants of financial crises (the most extreme form of financial instability), combined with narratives on some famous financial crises, suggests that financial crises have many causes, including credit-driven asset price booms, which have become more prevalent in recent decades, but in general financial crises are very heterogeneous and hard to categorize. Moreover, evidence shows that the association across the country sample between credit booms, asset price booms, and serious financial crises is quite weak.

Type
Research Article
Copyright
Copyright © 2018 The Economic History Association 

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Footnotes

For excellent research assistance I thank Maria Sole Pagliari. For helpful comments and suggestions, I thank: Paul David, Harold James, John Landon-Lane, Chris Meissner, Hugh Rockoff, Myron Scholes, Lars E.O. Svensson, John Taylor, Aaron Tornell, David Wheelock, Eugene White, and Gavin Wright.

References

Admati, Anat, and Hellweg, Martin. The Bankers New Clothes: What’s Wrong with Banking and What to Do about It. Princeton: Princeton University Press, 2013.Google Scholar
Bagehot, Walter. Lombard Street: A Description of the Money Market, 1st ed. New York: Scribner, Armstong & Co., 1873.Google Scholar
Bank for International Settlements (BIS). 70th Annual Report. Basel, Switzerland: BIS, 2000.Google Scholar
Bank for International Settlements (BIS). Basel Committee on Banking Supervision; High Level Summary of Basel III Reform. Basel, Switzerland: BIS, December 2017.Google Scholar
Batchelor, Roy A. “The Avoidance of Catastrophe: Two Nineteenth Century Banking Crises.” In Financial Crises and the World Banking System, edited by Forrest, Capie and Geoffrey E., Wood, 4173. New York: St. Martin’s Press, 1986.Google Scholar
Bernanke, Ben S. “Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression.” American Economic Review 73, no. 3 (1983): 257276.Google Scholar
Bernanke, Ben S. “The Great Moderation.” Remarks at the meetings of the Eastern Economic Association. Washington, DC: Eastern Economic Association, 20 February 2004.Google Scholar
Bernanke, Ben S. “The Global Saving Glut and the U.S. Current Account Deficit.” No 77, Speech, Board of Governors of the Federal Reserve System (U.S.). Richmond, VA: Sandridge Lecture, Virginia Association of Economics, 2005.Google Scholar
Bernanke, Ben S., and Gertler, Mark. “Monetary Policy and Asset Price Volatility.” In Proceedings - Economic Policy Symposium - Jackson Hole, 77128. Kansas City, MO: Federal Reserve Bank of Kansas City, 1999.Google Scholar
Bernanke, Ben S., and James, Harold. “The Gold Standard, Deflation, and Financial Crisis in the Great Depression: An international Comparison.” In Financial Markets and Financial Crises, edited by Glenn, Hubbard, 3368. Chicago: University of Chicago Press, 1991.Google Scholar
Blinder, Alan. After the Music Stopped. New York: Penguin Publishers, 2013.Google Scholar
Bordo, Michael D. “The Gold Standard: The Traditional Approach.” In A Retrospective on the Classical Gold Standard, 1821–1931, edited by Michael D., Bordo and Anna J., Schwartz, 23120. Chicago: University of Chicago Press, 1984.Google Scholar
Bordo, Michael D. “The Lender of Last Resort: Alternative Views and Historical Experience.” Federal Reserve Bank of Richmond Economic Review 76, no. 1 (1990): 1829.Google Scholar
Bordo, Michael D. “The Bretton Woods International Monetary System: A Historical Overview.” In A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform, edited by Michael D., Bordo and Barry, Eichengreen, 3108. Chicago: University of Chicago Press, 1993.Google Scholar
Bordo, Michael D. “Sound Money and Sound Financial Policy.” Journal of Financial Services Research 18, no. 2 (2000): 129155.Google Scholar
Bordo, Michael D. “Historical Perspectives on Booms, Busts and Recessions.” In When Bubbles Burst, Chapter III, 6466. Washington, DC: IMF World Economic Outlook, April 2003.Google Scholar
Bordo, Michael D. “Rules for a Lender of Last Resort; An Historical Perspective.” Journal of Economic Dynamics and Control 49, no. C (2014): 126134.Google Scholar
Bordo, Michael D. “An Historical Perspective on the Quest for Financial Stability and the Monetary Policy Regime.” NBER Working Paper No. 24154, Cambridge, MA, December 2017.Google Scholar
Bordo, Michael D. “An Historical Perspective on Financial Stability and Monetary Policy Regimes: A Case for Caution in Central Banks Current Obsession with Financial Stability.” Norges Bank Working Paper 5/2018, Oslo, Norway, March 2018.Google Scholar
Bordo, Michael D., Cavallo, Alberto F., and Meissner, Christopher M. “Sudden Stops: Determinants and Output Effects in the First Era of Globalization, 1880–1913.” Journal of Development Economics 91, no. 2 (2010): 227241.Google Scholar
Bordo, Michael D., Dueker, Michael J., and Wheelock, David C. “Aggregate Price Shocks and Financial Instability: A Historical Analysis.” Economic Inquiry 40, no. 4 (2002): 521538.Google Scholar
Bordo, Michael D., and Eichengreen, Barry. “Is Our Current International Financial Environment Unusually Crisis Prone?” In Capital Flows and the International Financial System, edited by David, Gruen and Luke, Gower, 1874. Sydney: Reserve Bank of Australia, 1999.Google Scholar
Bordo, Michael, Eichengreen, Barry, Klingebiel, Daniela, et al. “Is the Crisis Problem Growing More Severe?” Economic Policy 16, no. 32 (2001): 5282.Google Scholar
Bordo, Michael D., Erceg, Christopher, Levin, Andrew, et al. “Policy Credibility and Alternative Approaches to Disinflation.” Research in Economics 71, no. 3 (2017): 422440.Google Scholar
Bordo, Michael D., and Haubrich, Joseph G. “Credit Crises, Money and Contractions: An Historical View.” Journal of Monetary Economics 57, no. 1 (2010): 118.Google Scholar
Bordo, Michael D., Humpage, Owen F., and Schwartz, Anna J. Strained Relations: US Foreign-Exchange Operations and Monetary Policy in the Twentieth Century. Chicago: University of Chicago Press, 2015.Google Scholar
Bordo, Michael D., and Kydland, Finn E. “The Gold Standard as a Rule: An Essay in Exploration.” Explorations in Economic History 32, no. 4 (1995): 423464.Google Scholar
Bordo, Michael D., and Jeanne, Olivier. “Monetary Policy and Asset Prices: Does ‘Benign Neglect’ Make Sense?” International Finance 5, no. 2 (2002): 139164.Google Scholar
Bordo, Michael D., and Landon-Lane, John S. “The Banking Panics in the United States in the 1930s: Some Lessons for Today.” Oxford Review of Economic Policy 26, no. 3 (2010): 486509.Google Scholar
Bordo, Michael D., and Landon-Lane, John S. “The Global Financial Crisis of 2007–08: Is It Unprecedented?” In Global Financial Crisis; Impact, Transmission and Recovery, edited by Maurice, Obstfeld, Dongchul, Cho, and Andrew, Mason, 195214. New York: Edward Elgar, 2012.Google Scholar
Bordo, Michael D., and Landon-Lane, John S. “Does Expansionary Monetary Policy Cause Asset Price Booms: Some Historical and Empirical Evidence.” In Macroeconomic and Financial Stability Challenges for Monetary Policy, edited by Sofía, Bauducci, Lawrence, Christiano, and Claudio, Raddatz, 109116. Santiago, Chile: Central Bank of Chile, 2014a.Google Scholar
Bordo, Michael D., and Landon-Lane, John S. “What Explains House Price Booms? History and Empirical Evidence.” In Macroeconomic Analysis and International Finance. International Symposia in Economic Theory and Econometrics, edited by Georgios, Kouretas and Athanasios P., Papadoupolos, 136. London: Emerald Publishers, 2014b.Google Scholar
Bordo, Michael, and MacDonald, Ronald. Credibility and the International Monetary Regime. New York: Cambridge University Press, 2012.Google Scholar
Bordo, Michael D., and Meissner, Christopher M. “Growing Up to Stability? Financial Globalization, Financial Development and Financial Crises.” In Financial Systems and Economic Growth: Credit Crises, and Regulation from the 19th Century to the Present, Chapter 1, edited by Peter L., Rousseau and Paul, Wachtel, 1451. New York: Cambridge University Press, 2015.Google Scholar
Bordo, Michael D., and Meissner, Christopher M. “Fiscal and Financial Crises.” In North Holland Handbook of Macroeconomics, Volume 2A, edited by John, Taylor and Harald, Uhlig, 355412. Amsterdam: Elsevier (North Holland Publishing Company), 2016.Google Scholar
Bordo, Michael D., and Orphanides, Athanasios, eds. The Great Inflation: The Rebirth of Modern Central Banking. Chicago: University of Chicago Press, 2013.Google Scholar
Bordo, Michael D., Redish, Angela, and Rockoff, Hugh. “Why Didn’t Canada Have a Banking Crisis in 2008 (or in 1930, or 1907, or…)?” Economic History Review 68, no. 1 (2015): 218243.Google Scholar
Bordo, Michael D., and Schenk, Catherine R. “Monetary Policy Cooperation and Coordination: An Historical Perspective on the Importance of Rules.” In Rules for International Stability: Past, Present and Future, Chapter 5, edited by Michael D., Bordo and John, Taylor, 205262. Stanford, CA: Hoover Institution Press, 2016.Google Scholar
Bordo, Michael D., and Schwartz, Anna J. “The Specie Standard as a Contingent Rule: Some Evidence for Core and Peripheral Countries, 1880–1990.” In Historical Perspectives on the Gold Standard: Portugal and the World, edited by Barry, Eichengreen and Jorge, Braga de Macedo, 1184. London: Routledge, 1996.Google Scholar
Bordo, Michael D., and Siklos, Pierre L. “Central Bank Credibility, Reputation and Inflation Targeting in Historical Perspective.” In FLAR (Fondo Latinoamericano de Reservas) Papers and Proceedings. Cartagena, Colombia: FLAR, 2014.Google Scholar
Bordo, Michael D., and Siklos, Pierre L. “Central Bank Credibility: An Historical and Quantitative Exploration.” In Central Banks at a Crossroads: What Can We Learn From History?, Chapter 3, edited by Michael D., Bordo, Oyvind, Eitrheim, Marc, Flandreau, and Jan F., Qvigstad, 62144. New York: Cambridge University Press, 2016.Google Scholar
Bordo, Michael D., and Siklos, Pierre L. “Central Banks: Evolution and Innovation in Historical Perspective.” In Sveriges Riksbank and the History of Central Banking, edited by Rodney, Edvinsson, Tor, Jacobson, and Daniel, Waldenstrom, 2689. New York: Cambridge University Press, 2018.Google Scholar
Bordo, Michael D., and Wheelock, David C. “The Promise and Performance of the Federal Reserve as Lender of Last Resort 1914–1933.” In The Origins, History, and Future of the Federal Reserve: A Return to Jekyll Island, edited by Michael D., Bordo and William, Roberds, 5998. New York: Cambridge University Press, 2011.Google Scholar
Borio, Claudio. “The Financial Cycle and Macroeconomics: What Have We Learnt?” Journal of Banking & Finance 45, no. C (2014): 182198.Google Scholar
Borio, Claudio, and Lowe, Philip. “Asset Prices, Financial and Monetary Stability: Exploring the Nexus.” BIS Working Paper 114, Bank for International Settlements, Basel, Switzerland, 2002.Google Scholar
Brunnermeier, Markus K., and Schnabel, Isabel. “Bubbles and Central Banks: Historical Perspectives.” In Central Banks at a Crossroads: What Can We Learn from History?, edited by Michael D., Bordo, Oyvind, Eitrheim, Marc, Flandreau, and Jan F., Qvigstad, 493562. Cambridge, UK: Cambridge University Press, 2016.Google Scholar
Caballero, Julián A. “Do Surges in International Capital Inflows Influence the Likelihood of Banking Crises?” Economic Journal 126, no. 591 (2016): 281316.Google Scholar
Calomiris, Charles. U.S. Bank Deregulation in Historical Perspective. New York: Cambridge University Press, 2000.Google Scholar
Calomiris, Charles. Reforming Financial Regulation after Dodd-Frank. New York: Manhattan Institute for Policy Research, 2017.Google Scholar
Calomiris, Charles, and Haber, Stephen H. Fragile by Design: The Political Origins of Banking Crises and Scarce Credit. Princeton: Princeton University Press, 2014.Google Scholar
Capie, Forrest. The Bank of England: 1950s to 1979. Cambridge: Cambridge University Press, 2010.Google Scholar
Carlson, Mark A., and Wheelock, David C. “The Lender of Last Resort: Lessons from the Fed’s First 100 Years.” In Current Federal Reserve Policy Under the Lens of Economic History, edited by Owen F., Humpage, 49101. Cambridge University Press, 2015.Google Scholar
Choudhri, Ehsan U., and Kochin, Levis A. “The Exchange Rate and the International Transmission of Business Cycle Disturbances: Some Evidence from the Great Depression.” Journal of Money, Credit and Banking 12, no. 4 (1980): 565574.Google Scholar
Cole, Harold L., and Ohanian, Lee E. “New Deal Policies and the Persistence of the Great Depression: A General Equilibrium Analysis.” Journal of Political Economy 112, no. 4 (2004): 779816.Google Scholar
Corrigan, Edward G. “Statement before the United States Senate Committee on Banking, Housing and Urban Affairs.” Washington, DC, 3 May 1990.Google Scholar
Davis, Joseph, and Weidenmier, Marc D. “America’s First Great Moderation.” Journal of Economic History 77, no. 4 (2017): 11161143.Google Scholar
Demirgüç-Kunt, Asli, and Detragiache, Enrica. “The Determinants of Banking Crises; Evidence from Developing and Developed Countries.” IMF Staff Papers 45, 81109. International Monetary Fund, Washington, DC, 1998.Google Scholar
Dodd–Frank Wall Street Reform and Consumer Protection Act, Public Law 11-203. 21 July 2010.Google Scholar
Edwards, Sebastian. Broken Promises: When America Defaulted. Princeton: Princeton University Press, forthcoming 2018.Google Scholar
Eichengreen, Barry. Golden Fetters. New York: Oxford University Press, 1992.Google Scholar
Eichengreen, Barry, and Sachs, Jeffrey. “Exchange Rates and Economic Recovery in the 1930s.” Journal of Economic History 45, no.4 (1985): 925946.Google Scholar
Eggertsson, Gauti B. “Great Expectations and the End of the Depression.” American Economic Review 98, no. 4 (2008): 14761516.Google Scholar
Feinstein, Charles H., Temin, Peter, and Toniolo, Gianni. The European Economy between the Wars. London: Oxford University Press, 1997.Google Scholar
Flandreau, Marc, and Ugolini, Stefano. “Where It All Began: Lending of Last Resort at the Bank of England during the Overend-Gurney Panic of 1866.” In The Origin, History and Future of the Federal Reserve: A Return to Jekyll Island, edited by Michael D., Bordo and William, Roberds, 133161. Cambridge University Press, 2013.Google Scholar
Friedman, Milton, and Schwartz, Anna Jacobson. A Monetary History of the United States, 1867–1960. Princeton: Princeton University Press, 1963.Google Scholar
Frydman, Carola, Hilt, Eric, and Zhou, Lily Y. “Economic Effects of Runs on Early ‘Shadow Banks’: Trust Companies and the Impact of the Panic of 1907.” Journal of Political Economy 123, no. 4 (2015): 902940.Google Scholar
Galbraith, John K. The Great Crash. Cambridge: Riverside Press, 1955.Google Scholar
Giannini, Curzio. “Enemy of None but a Common Friend of All: An International Perspective on the Lender of Last Resort Function.” Essays in International Finance, No. 214. Princeton: International Finance Section, Princeton University, 1999.Google Scholar
Goetzmann, William N. “Bubble Investing: Learning from History.” NBER Working Paper No. 21693, Cambridge, MA, October 2015.Google Scholar
Goodfriend, Marvin. “Lessons from a Century of FED Policy: Why Monetary and Credit Policies Need Rules and Boundaries.” Journal of Economic Dynamics and Control 49 (2014): 112120.Google Scholar
Goodhart, Charles A. E. The Evolution of Central Banks. London: London School of Economics and Political Science, 1985.Google Scholar
Gordon, Jeffrey N. “The Empty Call for Benefit-Cost Analysis in Financial Regulation.” Journal of Legal Studies 43, no. S2 (2014): S351S378.Google Scholar
Gorton, Gary B. Slapped by the Invisible Hand: The Panic of 2007. New York: Oxford University Press, 2010.Google Scholar
Gorton, Gary B. Misunderstanding Financial Crises: Why We Don’t See Them Coming. New York: Oxford University Press, 2012.Google Scholar
Gorton, Gary, and Ordoñez, Guillermo. “Good Booms, Bad Booms.” NBER Working Paper No. 22008, Cambridge, MA, February 2016.Google Scholar
Gorton, Gary B., and Tallman, Ellis W. “How Did Pre-Fed Banking Panics End?” NBER Working Paper No. 22036, Cambridge, MA, February 2016.Google Scholar
Greenspan, Alan. “Issues for Monetary Policy.” Remarks at the Economic Club of New York. Board of Governors Federal Reserve System, 2002.Google Scholar
Harding, Don, and Pagan, Adrian. “Dissecting the Cycle: A Methodological Investigation.” Journal of Monetary Economics 49, no. 2 (2002): 365381.Google Scholar
Hausman, Joshua K., Rhode, Paul W., and Wieland, Johannes F. “Recovery from the Great Depression: The Farm Channel in Spring 1933.” NBER Working Paper No. 23172, Cambridge, MA, February 2017.Google Scholar
Hautcoeur, Pierre-Cyrille, Riva, Angelo, and White, Eugene N. “Floating a ‘Lifeboat’: The Banque de France and the Crisis of 1889.” Journal of Monetary Economics 65 (2014): 104119.Google Scholar
Hoppit, Julian. “Financial Crises in Eighteenth-Century England.” Economic History Review 39, no. 1 (1986): 3958.Google Scholar
Ip, Greg. Foolproof: Why Safety Can Be Dangerous and How Danger Makes Us Safe. New York: Little Brown, 2015.Google Scholar
Irwin, Douglas. Peddling Protectionism: Smoot Hawley and the Great Depression. Princeton: Princeton University Press, 2011.Google Scholar
Jalil, Andrew, and Gisela, Rua. “Inflation Expectations and Recovery from the Depression in 1935: Evidence from the Narrative Record.” Finance and Economics Discussion Series. Washington, DC: Division of Research and Statistics and Monetary Affairs, Federal Reserve Board, 2015.Google Scholar
James, Harold. “The Bank of England 1979–2003.” Mimeo. Princeton: Princeton University, 2017.Google Scholar
Jordà, Òscar, Schularick, Moritz, and Taylor, Alan M. “Financial Crises, Credit Booms, and External Imbalances: 140 Years of Lessons.” IMF Economic Review 59, no. 2 (2011): 340378.Google Scholar
Jordà, Òscar, Schularick, Moritz, and Taylor, Alan M. “The Great Mortgaging: Housing Finance, Crises and Business Cycles.” Economic Policy 31, no. 85 (2016): 107152.Google Scholar
Jordà, Òscar, Schularick, Moritz, and Taylor, Alan M. “Macrofinancial History and the New Business Cycle Facts.” NBER Macroeconomics Annual 31, no. 1 (2017): 213263.Google Scholar
Kaminsky, Graciela L., and Reinhart, Carmen M. “The Twin Crises: The Causes of Banking and Balance-of-Payments Problems.” American Economic Review 89, no. 3 (1999): 473500.Google Scholar
Kim, Hyosong, Newman, William, Park, Keyyong, et al. “Economic Recessions and Wildfires.” Mimeo. Los Angeles: UCLA, 2017.Google Scholar
Kindleberger, Charles P. The World in Depression, 1929–39, History of the World Economy in the Twentieth Century. Berkeley and Los Angeles: University of California Press, 1973.Google Scholar
Kindleberger, Charles P. Manias, Panics and Crises. New York: Basic Books, 1978.Google Scholar
King, Mervyn. “Changes in UK Monetary Policy: Rules and Discretion in Practice.” Journal of Monetary Economics 39, no. 1 (1997): 8197.Google Scholar
King, Robert G., and Levine, Ross. “Finance and Growth: Schumpeter Might be Right.” Quarterly Journal of Economics 108, no. 3 (1993): 717737.Google Scholar
Laeven, Luc, and Valencia, Fabian. “Systemic Banking Crises Database.” IMF Economic Review 61, no. 2 (2013): 225270.Google Scholar
McGrattan, Ellen R., and Prescott, Edward C., 2003. “Average Debt and Equity Returns: Puzzling?” American Economic Review 93, no. 2 (2003): 392397.Google Scholar
Meltzer, Allan H. A History of the Federal Reserve, 1913–1951, Volume 1. Chicago: University of Chicago Press, 2003.Google Scholar
Meltzer, Allan H. A History of the Federal Reserve, Volume 2, Book 1, 1951–1969. Chicago: University of Chicago Press, 2010.Google Scholar
Mishkin, Frederic S., and White, Eugene N. “Unprecedented Actions: The Federal Reserve’s Response to the Global Financial Crisis in Historical Perspective.” In The Federal Reserve’s Role in the Global Economy: A Historical Perspective, edited by Michael D., Bordo and Mark A., Wynne, 220258. New York: Cambridge University Press, 2014.Google Scholar
Monnet, Eric. Controlling Credit: Central Banking and the Planned Economy in Postwar France, 1948–1973. Cambridge: Cambridge University Press, forthcoming 2018.Google Scholar
Mundell, Robert A. “Problems of the International Monetary System.” In Monetary Problems of the International Economy, edited by Robert A., Mundell and Alexander, Swoboda, 2138. Chicago: University of Chicago Press, 1969.Google Scholar
Nurske, Ragnar. International Currency Experience: Lessons of the Interwar Period. Geneva: League of Nations, 1944.Google Scholar
Odell, Kerry A., and Weidenmier, Marc D. “Real Shock, Monetary Aftershock: The 1906 San Francisco Earthquake and the Panic of 1907.” Journal of Economic History 64, no. 4 (2004): 10021027.Google Scholar
Officer, Lawrence H. Between the Gold Points; Exchange Rates, Parities and Market Behavior, 1791–1931. New York: Cambridge University Press, 1996.Google Scholar
Orphanides, Athanasios. “Fiscal Implications of Central Bank Balance Sheet Policies.” CEPR Discussion Paper No. DP11383, Washington, DC, 2016.Google Scholar
Pagan, Adrian R., and Sossounov, Kirill A. “A Simple Framework for Analysing Bull and Bear Markets.” Journal of Applied Econometrics 18, no. 1 (2003): 2346.Google Scholar
Poole, William. “The Man Who Knew: The Life and Times of Alan Greenspan by Sebastian Mallaby: A Policy Wonk’s Extended Review.” Business Economics 52, no. 1 (2017): 1531.Google Scholar
Rajan, Raghuram. Fault Lines. Princeton: Princeton University Press, 2010.Google Scholar
Redish, Angela. Bimetallism: An Economic and Historical Analysis. New York: Cambridge University Press, 1992.Google Scholar
Reinhart, Carmen M., and Rogoff, Kenneth S.. This Time Is Different: Eight Centuries of Financial Folly. Princeton: Princeton University Press, 2009.Google Scholar
Reinhart, Carmen M., and Sbrancia, M. Belen. “The Liquidation of Government Debt.” Economic Policy 30, no. 82 (2015): 291333.Google Scholar
Roberts, Richard. Saving the City: The Great Financial Crisis of 2014. London: Oxford University Press, 2013.Google Scholar
Romer, Christina D. “What Ended the Great Depression?” Journal of Economic History 52, no. 4 (1992): 757784.Google Scholar
Romer, Christina D. “The Nation in Depression.” Journal of Economic Perspectives 7, no. 2 (1993): 1939.Google Scholar
Romer, Christina, and Romer, David. “The Evolution of Economic Understanding and Postwar Stabilization Policy.” In Rethinking Stabilization Policy, 1178. Kansas City, MO: Federal Reserve Bank of Kansas City, 2002.Google Scholar
Rousseau, Peter L., and Sylla, Richard. “Financial Revolutions and Economic Growth: Introducing This EEH Symposium.” Explorations in Economic History 43, no. 1 (2006): 112.Google Scholar
Scholes, Myron. “Market-Based Mechanisms to Reduce Systemic Risk.” In The Road Ahead for the Fed, edited by John D., Ciorciari and John B., Taylor, 103122. Stanford, CA: Hoover Press, 2009.Google Scholar
Schularick, Moritz, and Taylor, Alan M. “Credit Booms Gone Bust: Monetary Policy, Leverage Cycles, and Financial Crises, 1870–2008.” American Economic Review 102, no. 2 (2012): 10291061.Google Scholar
Shultz, George P. “Dreams Can Be Nightmares.” Online Appendix to Michael D. Bordo. “An Historical Perspective on the Quest for Financial Stability and the Monetary Policy Regime.” Journal of Economic History 78, no. 2 (2018).Google Scholar
Silber, William L. When Washington Shut Down Wall Street: The Great Financial Crisis of 1914 and the Origins of America’s Supremacy. Princeton: Princeton University Press, 2007.Google Scholar
Solow, Robert M. “On the Lender of Last Resort.” In Financial Crises: Theory, History and Policy, edited by Charles P., Kindleberger and Jean-Pierre, Laffargue, 237247. Cambridge: Cambridge University Press, 1982.Google Scholar
Svensson, Lars EO. “Evaluating Monetary Policy.” NBER Working Paper No. 15385, Cambridge, MA, September 2009.Google Scholar
Svensson, Lars EO. “Monetary Policy and Macroprudential Policy: Different and Separate.” Canadian Journal of Economics (forthcoming 2018).Google Scholar
Taylor, Alan M. “The Great Leveraging.” In The Social Value of the Financial Sector: Too Big to Fail or Just Too Big?, edited by V. V., Acharya, T., Beck, D. D., Evanoff, G. G., Kaufman, and R., Portes, Vol. 29. World Scientific Studies in International Economics, 3366. Hackensack, NJ: World Scientific Publishing, 2012.Google Scholar
Taylor, John B. “Discretion Versus Policy Rules in Practice.” Carnegie Rochester Series on Public Policy 39 (December, 1993): 195214.Google Scholar
Taylor, John B. “Lessons Learned from the Implementation of Inflation Targeting.” In Stability and Economic Growth: The Role of the Central Bank, 229236. Mexico City, Mexico: Banco de Mexico, 2006.Google Scholar
Taylor, John B. “Housing and Monetary Policy.” In Proceedings - Economic Policy Symposium - Jackson Hole, 463476. Kansas City, MO: Federal Reserve Bank of Kansas City, 2007.Google Scholar
Taylor, John B. “Macroeconomic Lessons from the Great Deviation.” Macroeconomics Annual 25, no. 1 (2011): 387395.Google Scholar
Toniolo, Gianni, and White, Eugene N.. “The Evolution of the Financial Stability Mandate: From Its Origins to the Present Day.” In Central Banks at a Crossroads; What Can We Learn from History? edited by Michael D., Bordo, , Oyvind, Eitrheim, Marc, Flandreau, and Jan F., Qvigstad, 424492. New York: Cambridge University Press, 2015.Google Scholar
White, Eugene N. “The Stock Market Boom and Crash of 1929 Revisited.” Journal of Economic Perspectives 4, no. 2 (1990): 6783.Google Scholar
White, Eugene N. “Banking and Finance in the Twentieth Century.” The Cambridge Economic History of the United States 3 (2000): 743802.Google Scholar
White, Eugene N. “Lessons from the Great American Real Estate Boom and Bust of the 1920s.” In Housing and Mortgage Markets in Historical Perspective, edited by Eugene N., White, Kenneth, Snowden, and Price, Fishback, 115160. Chicago: University of Chicago Press, 2014.Google Scholar
White, Eugene N. “How to Prevent a Banking Panic: The Barings Crisis of 1890 Revisited.” In Federal Reserve System Conference on Economic and Financial History, Richmond, VA, 10 May 2016.Google Scholar
White, Eugene N., and Rappoport, Peter. “Was There a Bubble in the 1929 Stock Market?” Journal of Economic History 53, no. 3 (1993): 549574.Google Scholar
Supplementary material: File

Bordo supplementary material

Online Appendix

Download Bordo supplementary material(File)
File 32.6 KB