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

Why The Fed Hates Cryptocurrencies And Especially Stablecoins

quoting Michael D. Bordovia CNBC
Friday, July 16, 2021

Federal Reserve chair Jerome Powell has been testifying on Capitol Hill this week, and it’s pretty clear that he is not a fan of digital coins – especially stablecoins.

Why the Fed hates cryptocurrencies and especially stablecoins

by Michael D. Bordo
Friday, July 16, 2021

... for the Fed to control the money supply or more generally, to conduct monetary policy,” according to Rutgers University economist Michael Bordo.

Analysis and Commentary

The Fed In The Sand As Inflation Threatens

by Mickey D. Levy, Michael D. Bordovia The Wall Street Journal
Monday, April 26, 2021

[Subscription required] We aren’t going back to the 1970s, but the central bank isn’t being realistic about the risk of higher prices.


The Short March Back To Inflation

by Michael D. Bordo, Mickey D. Levyvia The Wall Street Journal
Wednesday, February 3, 2021

There is a long history of high budget deficits being associated with inflation, and Washington’s current profligate spending and the Federal Reserve’s expansive monetary policy may be pushing the U.S. down that path.

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Do Enlarged Fiscal Deficits Cause inflation: The Historical Record

by Michael D. Bordo, Mickey D. Levyvia Economics Working Papers
Tuesday, November 24, 2020

Economics Working Paper 20124