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作者：National Taiwan University; Feng Chia University; National Taiwan University
摘要：This research examines whether an alternative exchange rate policy could have mitigated Germany's recession from April 1930 to May 1932, when Heinrich Bruning was Reichskanzler of the Weimar Republic. Using an open-economy dynamic model as our analytical framework, we examine the arguments against adopting the devaluation policy. Our counterfactual analysis suggests that a widely held belief-that floating the Reichsmark would have led to high inflation-is unwarranted. Despite Germany's high fo...
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作者：China Europe International Business School; Johns Hopkins University
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作者：University of Michigan System; University of Michigan
摘要：I use newly-developed data on Africa to estimate the effects of the international slave trades (circa 1500-1850) on the institutional structures of African economies and societies (circa 1900). I find that: (1) societies in slave catchment zones adopted slavery to defend against further enslavement; (2) slave trades spread slavery and polygyny together; (3) politically centralized aristocratic slave regimes emerge in West Africa and family-based accumulations of slave wealth in East Africa. I ...
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作者：University of California System; University of California Berkeley
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作者：Universite Paris-VIII; Paris School of Economics; University of York - UK
摘要：The Classical Gold Standard period, with high capital mobility and fixed-exchange rates, is usually seen as the extreme case of international constraints on monetary policy. Contrary to this view, we show how central bank balance sheets offset the effects of international shocks on domestic interest rates. In contrast, in the United States, a gold standard country without a central bank, the reaction of money market rates was two to four times stronger than that of interest rates in countries ...
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作者：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Harvard University
