Guest lecture

The recent global financial crises is regarded as the most dramatic econo-mic crisis since the Great Depression of the 1930s. In order to emphasize its dimension and, at the same time, to distinguish it from the Great De-pression Reinhart and Rogoff (2009) have labelled the recent crisis ‘The Great Contraction’.

Michael D. Bordo argues, however, that the recent financial crisis is only a ‘pale shadow’ of the Great Depression. He provides empirical evidence that compared to other global financial crises since 1880, the recent one is ranked fourth –and better comparable to the 1907/08 crisis. This might imply that the ‘relatively mild experience of the recent crisis’ reflects in-stitutional and policy learning ...Michael D. Bordo is Professor of Economics and Director of the Center for Monetary and Financial History at Rutgers University, New Jersey.  He has held previous academic positions at the University of South Carolina and Carleton University in Ottawa, Canada.  He has been a visiting Professor at the University of California Los Angeles, Carnegie Mellon Universi-ty, Princeton University, Harvard University, Cambridge University,  and a Visiting Scholar at the IMF, Federal Reserve Banks of St. Louis and Cleve-land, the Federal Reserve Board of Governors the Bank of Canada, the Bank of England and the Bank for International Settlement.  He also is a Research Associate of the National Bureau of Economic Research, Cambridge, Massachusetts.

Michael D. Bordo is also Associate Editor of the International Journal of Central Banking and on the Editorial Board of the Journal of International Money and Finance. He has published many articles in leading journals and ten books in monetary economics and monetary history.  More biographical information and a list of publications can be found on http://sites.google.com/site/michaelbordo/ All are welcome. Deadline for registration May 26th.Registration and information: are.lpf@cbs.dk