Foreword John B. Taylor Introduction/Overview Part 1: Theoretical Perspectives Rules versus Discretion: A Perennial Theme in Monetary Economics Michael D. Bordo The Importance of Stable Money: Theory and Evidence Michael D. Bordo and Anna J. Schwartz Part 2: Empirical Evidence Monetary Policy Regimes and Economic Performance: The Historical Record Michael D. Bordo and Anna J. Schwartz Introduction to "The Great Inflation: The Rebirth of Modern Central Banking Michael D. Bordo and Athanasios Orphanides Part 3: Monetary Policy Performance Exits from Recessions: The US Experience, 1920-2007 Michael D.

Bordo and John S. Landon-Lane Deep Recessions, Fast Recoveries, and Financial Crises: Evidence from the American Record Michael D. Bordo and Joseph G. Haubrich Credit Crises, Money and Contractions: An Historical View Michael D. Bordo and Joseph G. Haubrich Three Great American Disinflations Michael D. Bordo, Christopher Erceg, Andrew Levin, and Ryan Michaels Aggregate Price Shocks and Financial Instability: A Historical Analysis Michael D. Bordo, Michael Dueker, and David Wheelock Does Expansionary Monetary Policy Cause Asset Price Booms? Some Historical and Empirical Evidence Michael D.

Bordo and John Landon-Lane Part 4: Monetary History The History of Monetary Policy Michael D. Bordo The Banking Panics in the United States in the 1930s: Some Lessons for Today Michael D. Bordo and John Landon-Lane Could Stable Money Have Averted the Great Contraction? Michael D. Bordo, Ehsan U. Choudhri, and Anna J. Schwartz Was Expansionary Monetary Policy Feasible during the Great Contraction? An Examination of the Gold Standard Constraint Michael D. Bordo, Ehsan U. Choudhri, and Anna J.

Schwartz Could the United States Have Had a Better Central Bank? An Historical Counterfactual Speculation Michael D. Bordo About the Author Index.