The paradox of interest rates of the Greenback Era A reexamination
成果类型：
Article
署名作者：
Zhylyevskyy, Oleksandr
署名单位：
Iowa State University
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2010.10.003
发表日期：
2010
页码：
1026-1037
关键词：
摘要：
The two leading explanations for the counterintuitive behavior of Interest rates during the Greenback Era (1862-1878) - the resumption expectations model of Calomiris (1988) and the capital flow argument of Friedman and Schwartz (1963) - are inconsistent with each other in terms of their treatment of financial arbitrage A methodology to identify unexploited arbitrage opportunities in financial data is proposed Observable returns strongly suggest that the money market of the Greenback Era did not systematically admit arbitrage except possibly around the times of the Gold Corner of 1869 and the Panic of 1873 which implies that Calomiris provides a more plausible explanation (C) 2010 Elsevier B V All rights reserved
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