The Historical Performance of the Federal Reserve

Download or read book The Historical Performance of the Federal Reserve written by Michael D. Bordo and published by Hoover Press. This book was released on 2019-06-01 with total page 718 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.