Michael D. Bordo

Distinguished Visiting Fellow
Biography: 

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

Original Sin and the Great Depression

by Michael D. Bordo, Christopher M. Meissnervia Economics Working Papers
Friday, April 24, 2020
Economics Working Paper 20101

"Unusual, Unstable, Complicated, Unreliable and Temporary: Reinterpreting the Ebb and Flow of Globalization” an interview with Michael Bordo

interview with Michael D. Bordo, Niall Fergusonvia Hoover Videos
Tuesday, February 11, 2020

An interview with Michael Bordo on reinterpreting the ebb and flow of globalization.

BooksFeatured

Reflections On Allan H. Meltzer’s Contributions To Monetary Economics And Public Policy

by Allan H. Meltzer, Michael D. Bordo, Charles I. Plosser, John B. Taylorvia Hoover Institution Press
Tuesday, October 1, 2019

Allan H. Meltzer (1928–2017), a twentieth-century macroeconomist, was an innovator in the field of monetary economics and public policy, showing how central banking could influence economic disasters. Meltzer was also a valued consultant both in the United States and overseas, championing rules-based monetary policy and free markets. Eleven prominent economists reflect on his contributions in this volume edited by David Beckworth.

Analysis and Commentary

Federal Reserve Structure, Economic Ideas, And Monetary And Financial Policy

by Michael D. Bordo, Edward Prescottvia The National Bureau Of Economic Research
Friday, August 30, 2019
The decentralized structure of the Federal Reserve System is evaluated as a mechanism for generating and processing new ideas on monetary and financial policy.
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.

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