作者：Rutgers University System; Rutgers University New Brunswick
作者：Bank of England; University of Pennsylvania
摘要：We gather a new database to conduct the first historically informed study of the importance of liquidity and credit for government bonds between 1880 and 1910. We argue that colonial and sovereign debt markets were segmented owing to differences in underlying information asymmetries. The result was heterogeneous pricing of colonial and sovereign debt, and different market microstructures and clienteles, themselves influenced by political, institutional, and financial arrangements. We find that...
作者：University System of Ohio; Bowling Green State University
作者：The Vanguard Group, Inc.; Chapman University System; Chapman University
摘要：We identify the longest expansion in U.S. history, a recession-free 16-year period from 1841 to 1856 that we call America's First Great Moderation. Using newer data on industrial production, we show that the record-long expansion was primarily driven by a boom in transportation-goods investment following the discovery of gold in California. Furthermore, the low volatility of industrial production and stock returns during the First Great Moderation, which occurred during a period without a U.S....
作者：Magna Graecia University of Catanzaro
