Economics 614
Fall 2003
Professor M. Bordo
Seminar in Economic History
Course Outline
This course is a seminar course in economic history. It covers
a selected set of topics in the history of the international monetary system.
The reading list contains more topics than will be covered in the course.
The actual topics to be covered will be decided when the course is under
way. Students are expected to read all the required readings before each
class. Each class will be conducted by a member of the seminar.
I will pick up the topics not chosen by others. In conducting the class
the rapporteur should first discuss the salient points of the topic, then
go into the contribution of each article.
The requirements of the course are: 1) A major research paper worth
40% of the grade; 2) class presentations worth 30% of the grade; 3) a
take-home final examination worth 30% of the grade.
The research paper should be an empirical study of approximately 30-40
pages, on anything in International Monetary History. Using the reading
list as a guide, the student may wish to go into greater detail on any
of the topics in it. Alternatively, he/she may wish to break entirely
new ground.
Each paper should include: a clear statement of the problem/controversy/policy/event;
a brief survey of the literature; some descriptive data; discussion of
the theoretical approach and quantitative methods used; presentation of
results; conclusions and implications.
Selected Topics (only a suggestion)
The Rules of the Game in Country X
The Origins of the Bank of Country X
The Genoa Conference
The Conferences on Bimetallism
The Lender of Last Resort
Stabilization of Country X
The Gold Bloc
The Origins of the European Central Bank
The Latin Monetary Union
Debt Crisis in Country X
Currency Crisis in Country X
Banking Crisis in Country X
Economics 614
Fall 2003
Professor M. Bordo
Seminar in Economic History
Reading List
Textbooks
Michael D. Bordo, The Gold Standard and Related Regimes, Cambridge
University Press (1999).
Barry Eichengreen, Globalizing Capital: A History of the
International Monetary System, Princeton University Press (1996).
Barry Eichengreen, Golden Fetters, Oxford University Press
(1992).
Michael D. Bordo and Forrest Capie (eds.), Monetary Regimes
in Transition, Cambridge University Press (1993).
Michael D. Bordo, Jeffrey G. Williamson and Alan Taylor (eds.), Globalization
in Historical Perspective. Chicago: University of Chicago Press (2003).
General Overview
Michael D. Bordo (1999). "The Gold Standard and Related Regimes:
Introduction to the Collection," in The Gold Standard and Related Regimes,
Cambridge University Press.
Angela Redish (November 1993). "Anchors Aweigh: The Transition
from the Commodity Money to Fiat Money in Western Economies," Canadian
Journal of Economics.
Barry Eichengreen (1996). Globalizing Capital: A History
of the International Monetary System, Princeton University Press.
I. Early Commodity Monies
A. Early Money
Required Reading
Angela Redish (1993). "Anchors Aweigh: The Transition
from Commodity Money to Fiat Money in Western Economies," Canadian Journal
of Economics, November 1983.
Michael D. Bordo (1986). "Money, Deflation and Seigniorage in
the Fifteenth Century: A Review Essay." Journal of Monetary Economics
18: 337-346.
Michael D. Bordo and Anna J. Schwartz (1989). "The ECU - An
Imaginary or Embryonic Form of Money: What Can We Learn form History?"
in Paul DeGrauwe and Theo Pecters eds. The ECU and European Monetary
Integration. MacMillan.
Angela Redish (1992) "Coinage, the Development of' New Palgrave Dictionary
of Money and Finance. MacMillan.
Debra Glassman and Angela Redish. "Currency Depreciation in
Early Modern England and France." 1988. Explorations in Economic
History. Vol 25, No. 1 (January) pp. 75-97 [reprinted in Anna J.
Schwartz. Commodity Monies. Vol I International Library of
Macroeconomic and Financial History. Edward Elgar. London 1992.
Nathan Sussman (1993). "Debasement,
Royal Revenues and Inflation in France During the Second Stage of the Hundred
years War, 1415-1422." Journal of Economic History, March.
Arthur Rolnick, Francois Velde and Warren Weber (1996), "The
Debasement Puzzle: An Essay in Medieval Monetary History," Journal of
Economic History, Vol. 56, No 4, pp. 789-808.
Supplementary Reading
L.Einaudi, [1936] (1953). "The Theory of Imaginary Money from
Charlemagne to the French Revolution." in F.C. Lane and J.C. Riemersmal
(eds) Enterprise and Secular Change: Readings in Economic History.
Homewood, Ill: Richard D. Irwin.
H.A. Miskimin, (1984). Money and Power in Fifteenth Century
France. New Haven: Yale University Press.
Anna J. Schwartz, (1992). "Editor's Introduction" to Commodity
Monies.
B. Bimetallism and the
Early Gold Standard
Required Reading
Michael D. Bordo (1992), "Bimetallism, " New Palgrave Dictionary of
Money and Finance.
Angela Redish (December 1990), "The
Evolution of the Gold Standard in England," Journal of Economic History,
50:789-806.
Milton Friedman (Fall 1990), "Bimetallism
Revisited," Journal of Economic Perspectives, 4:85-104.
S. Erik Oppers (2000), "A
Model of the Bimetallic System," Journal of Monetary Economics, pp.517-534.
S. Erik Oppers (1996), "Was
the World-wide Shift to Gold Inevitable? An Analysis of the End of
Bimetallism," Journal of Monetary Economics.
Marc Flandreau (1996), "The
French Crime of 1873: An Essay on the Emergence of the International
Gold Standard, 1870-1880," Journal of Economic History (December).
Supplementary Reading
Angela Redish, Bimetallism, Cambridge University Press (2000).
Irving Fisher, (1984). "The Mechanics of Bimetallism."
Economic Journal, 4, pp. 527-537. [reprinted in Anna
J. Schwartz. Commodity Monies].
II. Classical
Gold Standard
A. Theory/Operation/Adjustment
Required Reading
Michael D. Bordo, 1992. "The Gold Standard: Theory" New Palgrave
Dictionary of Money and Finance. London MacMillan. pp. 267-270.
Robert Barro, (1979). "Money
and the Price Level Under the Gold Standard." Economic Journal 89:
12-33 [Reprinted in Anna J. Schwartz. Commodity Monies]
Anna J. Schwartz, (1986). "Alternative Monetary Regimes: The
Gold Standard." in C. D. Campbell and W.R. Dougan (eds) Alternative Monetary
Regimes Baltimore: Johns Hopkins Press [Reprinted in Anna
J. Schwartz: Commodity Monies]
Barry Eichengreen, (1992). "The Gold Standard since Alec Ford."
in S.N. Broadberry and N.F. R. Crafts. (eds), Britain in the International
Economy 1870-1939 Cambridge: Cambridge University Press, pp. 49-79.
Supplementary Reading
Michael D. Bordo, (1981). "The
Classical Gold Standard: Some Lessons for Today." Federal Reserve
Bank of St. Louis Review, 63 (5) May: 2-17. [Reprinted in Anna J. Schwartz.
Commodity Monies]
Michael D. Bordo, (1984). "The Gold Standard: The Traditional
Approach." In Michael D. Bordo and Anna J. Schwartz. (eds) A Retrospective
on the Classical Gold Standard 1821-1931. Chicago: University
of Chicago Press. [Reprinted in Michael Bordo, Essays on the Gold Standard
and Related Regimes.]
Barry Eichengreen, (1985). "Editors Introduction" to The
Gold Standard in Theory and History. London: Methuen.
Hugh Rockoff, (1984). "Some Evidence on the Real Price of Gold,
Its Cost of Production and Commodity Prices." In M.D. Bordo and A.J. Schwartz
(eds) A Retrospective on the Classical Gold Standard.
Donald N. McCloskey and J. Richard Zecher, (1976) "How the Gold Standard
Worked 1880 to 1913" in Harry Johnson and Jacob Frenkel (eds) The Monetary
Approach to the Balance of Payments. Toronto: University of Toronto
Press.
B. The Gold Standard as a Rule
Required Reading
Michael D. Bordo and Finn E. Kydland, (1995). "The
Gold Standard as a Rule: An Essay in Exploration," Explorations
in Economic History, 32:423-464. [Reprinted in Michael Bordo,Essays on
the Gold Standard.]
Alberto Giovannini, (1993). "Bretton Woods and Its Precursors:
Rules versus Discretion in the History of International Monetary Regimes."
in Michael D. Bordo and Barry Eichengreen (eds.) A Retrospective on the
Bretton Woods System. Chicago: University of Chicago Press.
Michael D. Bordo and Anna J. Schwartz (1996). "The Operation
of the Specie Standard: Evidence for Core and Peripheral Countries, 1880-1990,"
in Jorge Braga da Macedo, Barry Eichengreen and Jaime Reis eds., Currency
Convertibility: the Gold Standard and Beyond, Rutledge pp. 11-82.
[Reprinted in Michael Bordo, Essays on the Gold Standard]
Michael D. Bordo and Hugh Rockoff, "The
Gold Standard as a “Good Housekeeping Seal of Approval,” Journal of
Economic History (June 1996). [Reprinted in Michael Bordo, Essays on the
Gold Standard.
Supplementary Reading
Gabriel DeKock and Vittorio Grilli, (1989). "Endogenous Exchange Rate Regime
Switches." NBER Working Paper No. 3066. August.
Robert P. Flood and Peter Isard (1989) "Simple Rules, Discretion and Monetary
Policy." NBER Working Paper No. 2934. April.
C. War Finance and the Gold Standard
Required Reading
Robert Barro, (1987). "Government Spending, Interest Rates,
Prices and Budget Deficits in the United Kingdom." Journal of Monetary
Economics, September: 221-248.
Michael D. Bordo and Eugene White, (1993). "British and French
Finance During the Napoleonic Wars," in Michael D. Bordo and Forrest Capie
eds. Monetary Regimes in Transition, Cambridge University Press.
Daniel Benjamin and Levis Kochin. "War, Prices and Interest
Rates: A Martial Solution to Gibson's Paradox." in M.D. Bordo and A.J.
Schwartz (eds) A Retrospective on the Classical Gold Standard: 1821
to 1931.
Herschel Grossman, (1991). "The Political Economy of War Debts
and Inflation. "In W. Haraf and P. Cagan (eds) Monetary Policy
for a Changing Financial Environment. American Enterprise Institute.
Washington D. C.
D. The Gold Standard:
Efficiency
Required Reading
Lawrence Officer, (1986). "The
Efficiency of the Dollar-Sterling Gold Standard," Journal of Political
Economy 94(5) October: 1038-1073.
Truman Clark, (1984). "Violations
of the Gold Points 1890 to 1908." Journal of Political Economy 92(5)
October: 791-823.
Supplementary Reading
Oskar Morgenstern (1959). International Financial Transactions
and Business Cycles. Princeton: Princeton University Press.
Lawrence Officer (1996). Between the Dollar-Sterling Gold Points,
Cambridge University Press
Lawrence Officer, (1989). "The
Remarkable Efficiency of the Dollar-Sterling Gold Standard." Journal
of Economic History. 49 (1) March: 1-41.
Pablo Spiller and Robert Wood, (1988). "Arbitrage
During the Dollar-Sterling Gold Standard 1899 to 1908: An Econometric Approach."
Journal of Political Economy 96(4) August: 882-892.
III. Monetary Policy under the Classical
Gold Standard
A. The Rules of the Game.
Required Reading
Michael D. Bordo and Ronald MacDonald (1997). "Violations of the Rules of the
Game and the Credibility of the Classical Gold Standard,
1880-1914," NBER Working Paper No.6115.
Oliver Jeanne (1995). "Monetary
Policy in England 1893-1914: A Standard VAR Analysis," Explorations
in Economic History, 32, pp. 302-326.
Nathan Davatyan and William R. Parke (1995). "The
Operation of the Bank of England, 1890-1908: A Dynamic Probit Approach,"
Journal of Money, Credit and Banking, Vol. 27. No. 4 (November Part I),
pp. 1099-1117.
Alberto Giovannini, (1986). "Rules
of the Game during the International
Gold Standard: England and Germany." Journal of International
Monetary and Finance, 5: 467-483.
Alberto Giovannini, (1989). "How Do Fixed Exchange-Rate Regimes
Work: The Evidence from the Gold Standard, Bretton Woods and the EMS"
in M. Miller, B. Eichengreen and R. Portes (eds). Blueprints
for Exchange Rate Management. London: Center for Economic Policy
Research: 13-46.
Barry Eichengreen, (1987). "Conducting
the International Orchestra: Bank of England Leadership Under the Classical
Gold Standard, 1880 - 1913. " Journal of International Money
and Finance. Vol 6; 5-29.
Supplementary Reading
Alec G. Ford, (1989). "International Financial Policy and the
Gold Standard 1870-1914" in P. Mathias and S. Pollard (eds) The Cambridge
Economic History of Europe. Vol. VIII. The Industrial
Economies: The Development of Economic and Social Policies. Cambridge:
Cambridge University Press.
John Pippenger, (1984). "Bank of England Operations, 1893-1913"
in M.D. Bordo and A.J. Schwartz (eds) A Retrospective on
the Classical Gold Standard: 1821-1931.
John Dutton, (1984). "The Bank of England and the Rules of the
Game Under the International Gold Standard: New Evidence" in M.D. Bordo
and A.J. Schwartz (eds) A Retrospective on the Classical Gold Standard:
1821-1931.
Marvin Goodfriend, (1988). "Central
Banking Under the Gold Standard." Carnegie Rochester Conference Series
on Public Policy, 29: 85-124.
Bernhard Eschweiler and Michael D. Bordo (1994). "Rules, Discretion, and Central
Bank Independence: The German Experience, 1880-1984" in Pierre
Siklos (ed) Varieties of Monetary Reform: Lessons and Experiences
on the road to Monetary Union. Kluwer Academic.
B. The Origins of Central Banks
Required Reading
Charles Goodhart (1989) "Why do Banks Need a Central Bank?" Oxford
Economic Papers, 39(1) March: 75-89.
Forrest Capie, Charles Goodhart and Norbert Schnadt (1994). "The Development
of Central Banking" in Forest Capie, Charles Goodhart, Stanley Fischer
and Norbert Schnadt. The Future of Central Banking, Cambridge
University Press, pp. 1-112.
N.G. Mankiw, J. Miron and D. Weil, (1987). "The
Adjustment of Expectations to a Change in Regime: A Study of the Founding
of the Fed." American Economic Review June.
Jeffrey Miron, (1988). "The Founding of the Fed and the Destabilization
of the Post-1914 U.S. Economy" in Marcello DeCecco and Alberto Giovannini
(eds) A European Central Bank? Cambridge: Cambridge
University Press.
Jeffrey Miron, (1986). "Financial
Panics, the Seasonality of the Nominal Interest Rate, and the Founding
of the Fed." American Economic Review, LXXVI (1) March, 125-40. [Reprinted
in Bordo, Financial Crises]
Supplementary Reading
Charles Goodhart (1989) The Evolution of Central Banks, Cambridge:
MIT Press.
Jeffrey Miron (1996). The Economics of Seasonal Cycles, MIT
Press.
Vera Smith, (1990). The Rationale of Central Banking and
the Free Banking Alternative. Indianapolis: Liberty Press.
George Selgin, (1988). The Theory of Free Banking and Money
Supply Under Competitive Note Issue. Roman and Littlefield.
Michael D. Bordo and Angela Redish, (1987). "Why
Did the Bank of Canada Emerge in 1935" Journal of Economic History
Vol XLVII, No. 2, June: 405-417.
Charles Kindleberger, (1984). A Financial History of
Western Europe, London: George Allen and Unwin.
IV. Financial Crises
A. Background: Theories of Financial Crises
A. Banking Crises
B. Currency Crises
C. Twin Crises
D. Transmission / Contagion
Required Readings
Jean Tirole, Financial Crises, Liquidity, and the International
Monetary System. Princeton: Princeton University Press. 2002. Chapters
1 and 2.
Michael D. Bordo, Currency crises (And Banking Crises) in Historical
Perspective, pages 1-21.
with Anna J. Schwartz (1996). "Why Clashes Between Internal and
External Goals End in Currency Crisis, 1797-1994," Open Economies Review,
Vol. 7, pp. 437- 68. NBER Working Paper No 5710. August 1996.
with Bruce Mizrach and Anna J. Schwartz (1998) "Real Versus Pseudo International
Systemic Risk: Some Lessons from History," Review of Pacific Basin
Financial Markets and Policies, Vol. 1, No. 1, March, pp. 31-58. NBER Working
Paper No.5371. December 1995.
Supplementary Reading
Robert Flood and Nancy Marion, "Perspectives on Recent Currency
Crisis Literature," NBER Working Paper No. 6380, January 1998, in International
Journal of Economics and Finance, Vol. 4, No. 1, January 1999, pp. 1-26.
Stijn Claessens, Rudiger Dornbusch and Yung-Chul Park. " " Chapter
2 in International Financial Contagion edited by Stijn Claessens
and Kristin Forbes. Boston. Kluwer Academic press. 2001. Pp. 19-42.
B. Historical and Empirical Dimensions
1. History of Crises
Required Readings
Michael D. Bordo, "Currency Crises (And Banking Crises) in Historical
Perspective." Stockholm School of Economic Research Report No. 10 1998.
Pp. 21-34.
Supplementary Reading
Charles P. Kindleberger, Manias, Panics and Crashes: A History
of Financial Crises, New York: John Wiley, 1996.
2. Empirical Dimensions
Required Readings
with Barry Eichengreen, Daniela Klingebiel, and Maria Soledad Martinez-Peria.
"Is
the Crisis Problem Growing More Severe?" Economic Policy April 2001.
with Barry Eichengreen. "Crises Now and Then: What Lessons
from the Last Era of Financial Globalization?" NBER Working Paper No.
8716. January 2002.
Supplementary Reading
with Barry Eichengreen, "Is our
Current International Economic Environment Unusually Crises Prone,"
Capital Flows and the International Monetary System, eds., David Gruen
and Luke Gower, Reserve Bank of Australia (1999).
3. Contagion in Historical Perspective
Required Reading
with Antu Panini Murshid, "Are Financial Crises Becoming More
Contagious?" Ch.14 in International Financial Contagion (eds.) Stijn
Claessens and Kristin I. Forbes. Kluwer Academic Publishers, Boston pp.
367-403, 2001.
Supplementary Reading
with Antu Panini Murshid, "Globalization and the Changing
Patterns in the International Transmission of Shocks in Financial Markets."
NBER Working Paper No. 9019. June 2002.
Paolo Mauro, Nathan Sussman and Yishay Yafeh. " Emerging
Market Spreads: Then and Now." Quarterly Journal of Economics 117 (2)
2002, pp. 695-733.
C. Policy Perspectives
1. Background
Required Reading
*Michael D. Bordo. " Market Discipline
and Financial Crisis Policy: An Historical Perspective." Rutgers University
(mimeo) June 2003.
Jean Tirole, Financial Crises, Liquidity, and the International
Monetary System. Princeton: Princeton University Press.2002. Chapters
3-7.
2. Lender of Last Resort and International Lender of Last Resort
Required Reading
Michael D. Bordo. "The Lender of Last Resort: Alternative Views and
Historical Experience." Federal Reserve Bank of Richmond Economic Review,
March (1990).
Supplementary Reading
Forrest Capie. "Can there Be an International Lender of Last Resort?"
International Finance. January 1999.
Stanley Fischer. " On
the Need for an International Lender of Last Resort." Journal of Economic
Perspectives. 1999 Vol. 13, No.4, pp. 85-104.
3. Rescues versus Bailouts
Required Reading
Michael D. Bordo and Anna J. Schwartz. "Under What Circumstances, Past
and Present, Have International Rescues of Countries in Financial Distress
Been
Successful?" Journal of International Money and Finance. Vol.
18 No. 4. August 1999, pp. 683-708. NBER Working Paper No. 6824. December
1998.
with Anna J. Schwartz "Measuring Real Economic Effects
of Bailouts: Historical Perspectives on How Countries in Financial Distress
Have Fared With and
Without Bailouts." Carnegie Rochester Conference Series on Public
Policy. December 2000. Vol. 53. Pp81-16. NBER Working Paper No. 7701. May
2001.
4. Sovereign Debt Workouts
Supplementary Reading
Barry Eichengreen, Financial Crises: and what to do about them.
New York: Oxford University Press, 2002. Chapter 5.
Paolo Mauro and Yishay Yafeh. " The Corporation
of Foreign Bondholders." IMF (mimeo). April 2003.
V. A. Globalization in Historical Perspective
Required Reading
Michael D. Bordo, Barry Eichengreen and Douglas Irwin, “Is Globalization Today Really
Different than Globalization a Hundred Years Ago?,” Brookings Trade
Policy Forum, eds. Susan Collins and Robert Lawrence (1999).
Michael D. Bordo, Barry Eichengreen and Jong woo Kim, “Was there Really an Earlier Period
of International Financial Integration Comparable to Today?,” Bank
of Korea, The Implications of Globalization of World Financial Markets
(1998).
Maurice Obstfeld and Alan Taylor. " Globalization and Capital Markets."
Chapter 3 in Michael D. Bordo, Alan M. Taylor and Jeffrey G. Williamson
(eds.) Globalization in Historical Perspective. Chicago: University of
Chicago Press. 2003,pp. 121-183. NBER Working Paper No. 8846.
Jeffrey G. Williamson, “Globalization,
Convergence and History,” Journal of Economic History, June 1996.
Supplementary Reading
Kevin O’Rourke and Jeffrey G. Williamson, Globalization and History:
The Evolution of a 19th Century Atlantic Economy, MIT Press (1999).
Michael D. Bordo and Kornelia Krajnyak, “Globalization in Historical
Perspective,” IMF World Economic Outlook, May 1997, pp. 112-116.
Harold James, The End of Globalization, Harvard University
Press (2001).
B. Globalization and Financial Crises in Emerging Markets
1. Theoretical Background
Required Readings
Guillermo Calvo and Carmen Reinhart. " Fear of Floating." NBER Working
Paper No. 7993.
Barry Eichengreen and Ricardo Haussmann. " Exchange Rates and Financial Fragility"
In New Challenges for Monetary Policy, Kansas City Federal Reserve Bank
of Kansas City. 1999 pp. 329-368.
2. Historical Perspectives
Required Readings
Michael D. Bordo and Marc Flandreau. "Core Periphery, Exchange Rate
Regimes and Globalization" in Michael D. Bordo, Alan Taylor, and Jeffrey
Williamson (eds.) Globalization in Historical Perspective. Chicago: University
of Chicago press. 2003 pp. 417-468. NBER Working Paper No. 8584.
*Michael D. Bordo, Christopher M. Meissner and Angela Redish. "How Original Sin was Overcome:
The evolution of external debt denominated in domestic currencies in the
United States and the British Dominions 1800-2000." NBER Working Paper
No. 9841.
*Marc Flandreau and Nathan Sussman. " Old Sins, Exchange Clauses and
European Foreign Lending in the Nineteenth Century." Hebrew University
(mimeo) March 2003.
VI. The InterWar Period
A. Breakdown of the Gold
Standard, Hyperinflation and Stabilization
Required Reading
Barry Eichengreen, (1992). Golden Fetters: The Gold Standard
and the Great Depression. London. Oxford University Press.
Chapters 1 to 6.
Thomas Sargent, (1986). "The Ends of Four Big Inflations" in
Thomas Sargent, Rational Expectations and Inflation. New York:
Harper and Row pp. 40-109 [Reprinted in Forest Capie, (1992), Major Inflations
in History: The International Library of Macroeconomic and Financial History.
Elmus R. Wicker, (1986) "Terminating
Hyperinflation in the Dismembered Hapsburg Monarchy." American Economic
Review, 76, 350-364.
Barry Eichengreen and Charles Wyplosz,(1990), "The Economic Consequences
of the Franc Poincare" in Barry Eichengreen, Elusive Stability: Essays
in the History of International Finance, 1919-1939. Cambridge:
Cambridge University Press.
Supplementary Reading
Alberto Alesina, (1988). "The End of Large Public Debts" in
Francesco Giavazzi and Luigi Spaventa (eds) High Public Debt: The Italian
Experience. Cambridge: Cambridge University Press.
Pierre Siklos, (1992). "Hyperinflations: Their Origins, Development
and Termination" in Journal of Economic Surveys. Vol. 4, No. 3.
Forrest Capie, (1986). "Conditions in which Very Rapid Inflation
has Appeared." Carnegie Rochester Conference Series on Public Policy 24.
North Holland: 115-168. [Reprinted in Forrest Capie (1992) Major Inflations
in History]
Barry Eichengreen, (1992). Monetary Regime Transformations.
The International Library of Macroeconomic and Financial
History. London: Edward Elgar.
B. The Gold Exchange
Standard
Required Reading
Barry Eichengreen, (1992). Golden Fetters Chapter 7,
Barry Eichengreen, (1990) Elusive Stability , Chapter 4, 5,6,
and 10.
Michael D. Bordo and Barry Eichengreen (1998) "Implications of the Great Depression
for the Development of the International Monetary System" in
M.D. Bordo, Claudia Goldin and Eugene N. White, The Defining Moment:
The Great Depression and the American Economy in the Twentieth Century,
University of Chicago Press.
Michael D. Bordo and Barry Eichengreen, "The Rise and Fall of a Barbarous
Relic: The Role of Gold in the International Monetary System,"
in Guillermo Calvo, Rudiger Dornbusch and Maurice Obstfeld (Eds.), Essays
in Honor of Robert Mundell, MIT Press (2001).
Supplementary Reading
Donald Moggridge, (1989), "The Gold Standard and National Financial
Policies, 1913-1939." in Peter Mathias and Sidney Pollard (eds) The
Cambridge Economic History of Europe. Volume VIII: The Industrial Economies:
The Development of Economic and Social Policies. Cambridge: Cambridge
University Press.
Ragnar Nurkse, (1944). International Currency Experience.
League of Nations.
H.Clark Johnson (1997) Gold, France and the Great Depression,
1919-1932, Oxford University Press.
VII. The Great
Depression
Required Reading
Milton Friedman and Anna J. Schwartz, A Monetary History of the
United States 1867 to 1960. Princeton: Princeton University Press.
Chapter 7.
Peter Temin, (1989). Lessons from the Great Depression.
Cambridge: MIT Press.
Barry Eichengreen, Golden Fetters, Chapters 8-13.
Ben Bernanke and Harold James, (1991). "The Gold Standard, Deflation,
and Financial Crisis in the Great Depression: An International Comparison."
in R. Glenn Hubbard (ed). Financial Markets and Financial Crisis
Chicago: University of Chicago Press.
Ben Bernanke (1995). "The
Macroeconomics of the Great Depression: A Comparative Approach,"
Journal of Money, Credit, and Banking, February 1995, vol. 27, no. 1, pp.
1-28.
Michael Bordo, Ehsan Choudhri and Anna J. Schwartz, "Was
Expansionary Monetary Policy Feasible During the Great Contradiction? An
Examination of the Gold Standard Constraint," Explorations in Economic
History (January 2002).
Supplementary Reading
Charles Kindleberger, (1986). The World in Depression: 1929-1939,
Revised and Enlarged Edition. Berkeley, University of California
Press.
VIII. Bretton Woods
Required Reading
Michael D. Bordo (1993). "The Bretton Woods International Monetary
System: An Historical Overview." in Michael D. Bordo and Barry Eichengreen
(eds) A Retrospective on the Bretton Woods System. Chicago:
University of Chicago Press. [Reprinted in Michael Bordo, Essays on the
Gold Standard.]
Maurice Obstfeld (1993). "The Adjustment Process." In A Retrospective
on the Bretton Woods System.
Kathryn Dominquez, (1993). "The Role of International Organizations
in the Bretton Woods System." In A Retrospective on the Bretton Woods
System.
Barry Eichengreen, (1993) "Three Perspectives on the Bretton Woods
System." in A Retrospective on the Bretton Woods System.
Supplementary Reading
Robert Triffin (1960), Gold and the Dollar Crisis. New
Haven: Yale University Press.
IX. European Monetary
Union in Historical Perspective
A. Monetary Unions
Required Reading
Michael D. Bordo and Lars Jonung (1997). "The History of Monetary
Unions: Some Lessons for Sweden and EMU," Swedish Journal of Economic
Policy.
Angela Redish, (1993). "The Latin Monetary Union and the Emergence
of the International Gold Standard." Chapter 3 in Michael D. Bordo and
Forrest Capie (eds) Monetary Regimes in Transition. Cambridge:
Cambridge University Press (in press).
Michael Bergmann and Lars Jonung, (1993). "The
Rise and Fall of the Scandinavian Currency Union: 1873-1920."
European Economic Review, April.
Arthur Rolnick, Bruce Smith and Warren Weber, (1994). "The Origins
of the Monetary Union in the United States." in Pierre Siklos (ed) Varieties
of Monetary Reforms: Lessons and Experiences on the Road to Monetary
Union, Kluwer Academic Press.
Carl Ludwig Holtferich, (1988). "The Monetary Unification Process
in Nineteenth Century Germany: Relevance and Lessons for Europe Today,"
in Marcello De Cecco and Alberto Giovannini (eds) A European Central
Bank: Perspectives on Monetary Unification after Ten Years of EMS,
Cambridge: Cambridge University Press.
Valeri Sannucci, (1988). "The Establishment of a Central Bank:
Italy in the Nineteenth Century," in A European Central Bank.
B. European Monetary Union
Required Reading
Michael D. Bordo, (1993). "The
Gold Standard, Bretton Woods and Other Monetary Regimes: An Historical
Appraisal." Federal Reserve Bank of St. Louis Review, April-May.
Barry Eichengreen, (1998). European Monetary Unification:
Theory, Practice and Analysis, MIT Press, Chapters 1,2,3.
Peter Kenen (1995). Economic and Monetary Union in Europe,
Cambridge University Press.
Supplementary Reading
Francesco Giavazzi and Alberto Giovannini, (1989). Limiting Exchange
Rate Flexibility Cambridge: MIT Press.
Michele Fratianni and Juergen Von Hagen,
(1992). The European Monetary System and
European Monetary Union. Boulder: Westview Press.