Michael D. Bordo

Distinguished Visiting Fellow

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

In the News

Trump Administration Has Few Tools To Weaken The Dollar

quoting Michael D. Bordovia Financial Times
Tuesday, August 6, 2019

In early 2018, before an audience of chief executives and politicians at Davos, Steven Mnuchin got in trouble for saying the obvious: a weaker dollar would help US manufacturers export their products.

In the News

Fed’s Regional Structure Aids Policy Independence

mentioning Michael D. Bordovia Yahoo Finance
Tuesday, July 30, 2019

The Federal Reserve’s unique structure helps preserve monetary policy independence, according to a new academic study that comes at a time of heightened tensions between the White House and the central bank.

Analysis and Commentary

The Importance Of Rules In Federal Reserve Policymaking

by Michael D. Bordovia The Hill
Sunday, July 28, 2019

The Federal Reserve is re-examining its monetary policy strategy. It is considering whether alternatives to the present inflation-targeting framework could be more efficient and transparent in helping it attain its core macroeconomic objectives of price stability and maximum employment, while maintaining its independence. My research provides ample theoretical, empirical and historical evidence that can help the policymakers in their pursuit.

The Historical Performance of the Federal Reserve

by Michael D. Bordovia Books by Hoover Fellows
Thursday, June 6, 2019

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.

In the News

How To Diagnose Your Own Dutch Disease

quoting Michael D. Bordovia Financial Times Alphaville
Wednesday, March 13, 2019
Imagine that you are the finance minister of a small, developing country that has just discovered an ore belt rich in cobalt, a metal that has more than doubled in price over the last five years. You, a capable technocrat, are familiar with Dutch disease.