作者：University of California System; University of California Davis; University of Oxford; Harvard University
作者：State University of New York (SUNY) System; Binghamton University, SUNY
作者：University of Arizona; National Bureau of Economic Research; KU Leuven; KU Leuven; Federal Reserve System - USA; Federal Reserve Bank - Chicago; University of North Carolina; University of North Carolina Greensboro; National Bureau of Economic Research; University of North Carolina; University of North Carolina Greensboro
摘要：The Great Depression of the 1930s involved a severe disruption in the supply of home mortgage credit. This paper empirically identifies a mechanism lying behind this credit crunch: the impairment of lenders' balance sheets by illiquid foreclosed real estate. With data on hundreds of building and loans (B&Ls), the leading mortgage lenders in this period, we find that the overhang of foreclosed real estate explains about 30 percent of the drop in new lending between 1930 and 1935.
作者：University of Oxford; University of London; London School Economics & Political Science
作者：College of New Jersey; University of California System; University of California Davis; National Bureau of Economic Research; Stellenbosch University
摘要：The boll weevil spread across the South from 1892 to 1922 with devastating effect on cotton cultivation. The resulting shift away from this child labor-intensive crop lowered the opportunity cost of school attendance. We investigate the insect's long-run effect on educational attainment using a sample of adults from the 1940 census linked back to their childhood census records. Both white and black children who were young (ages 4 to 9) when the weevil arrived saw increased educational attainme...
