The Federal Reserve's Role in the Global Economy

Michael D. Bordo is Board of Governors Professor of Economics at Rutgers University, New Jersey. He is also a research Associate of the NBER and Distinguished Visiting Fellow at the Hoover Institution, Stanford University. He has published widely on monetary economics and economic history with 15 books and over 200 journal articles and chapter contributions. Mark A. Wynne is a Vice President at the Federal Reserve Bank of Dallas, Associate Director of Research for International Economics, and the founding director of the Bank's Globalization and Monetary Policy Institute. In the latter role, Wynne is responsible for developing and leading the Bank's research program on globalization and understanding its implications for the conduct of US monetary policy. Most of his professional career has been spent at the Federal Reserve Bank of Dallas, but he also worked on issues related to the strategy of monetary policy at the European Monetary Institute and European Central Bank during the formative years of European Economic and Monetary Union. He has also been an occasional consultant to the ECB and International Monetary Fund.

Preface; Conference speaker bios; 1. Introduction Michael Bordo and Mark Wynne; 2. Doctrinal determinants, domestic and international, of Federal Reserve policy 1914–33 Barry Eichengreen; Comments on Eichengreen Harold James; 3. Navigating constraints: the evolution of Federal Reserve monetary policy, 1935–59 Mark Carlson and David Wheelock; Comments on Carlson and Wheelock Gary Richardson; 4. Federal Reserve policy and Bretton Woods Michael Bordo and Owen Humpage; Comments on Bordo and Humpage James Boughton; 5. The Federal Reserve engages the world (1970–2000): an insider's narrative of the transition to managed floating and financial turbulence Edwin M. Truman; Comments on Truman Michael Dooley; 6. The Federal Reserve in a globalized world economy John Taylor; Comments on Taylor Richard Clarida; 7. Unprecedented actions: the Federal Reserve's response to the global financial crisis in historical perspective Frederic S. Mishkin and Eugene White; Comments on Mishkin and White Steven Kamin; 8. Panel discussion on the Federal Reserve's role in international financial crises featuring remarks by Donald Kohn, Charles Bean, Guillermo Ortiz and Stephen Cecchetti; 9. The Robert V. Roosa Lecture: excerpts from a conversation between Richard Fisher and Paul Volcker Richard Fisher and Paul Volcker.