についてのNBER論文をボルドーらが書いている。共著者には故アンナ・シュワルツも名を連ねている。論文のタイトルは「The Evolution of the Federal Reserve Swap Lines since 1962」で、著者はMichael D. Bordo(ラトガーズ大)、Owen F. Humpage(クリーブランド連銀)、Anna J. Schwartz。

In this paper, we describe the evolution of the Federal Reserve’s swap lines from their inception in 1962 as a mechanism to forestall claims on U.S gold reserves under Bretton Woods to a means of extending emergency dollar liquidity during the Great Recession. We describe a number of consequences associated with swap operations. We argue, for example, that swaps calm crisis situations by both supplementing foreign countries’ dollar reserves and by signaling central-bank cooperation. We show how swaps exposed the Federal Reserve to conditionality and raised fears that they bypassed the Congressional appropriations process.