作者：Santa Clara University; National Bureau of Economic Research; Bank of Japan
摘要：Using a newly constructed panel data set, which includes annual estimates of lending rates for 47 Japanese prefectures, we analyze why interest rates converged over the period 1884-1925. We find evidence that technological innovations and institutional changes played an important role in creating a national capital market in Japan. In particular, the diffusion in the use of the telegraph, the growth in commercial branch banking networks, and the development of Bank of Japan's branches reduced ...
作者：University of North Carolina; Appalachian State University
作者：University of Massachusetts System; University of Massachusetts Lowell
作者：University of Oxford
摘要：The spinning jenny helps explain why the Industrial Revolution occurred in Britain rather than in France or India. Wages were exceptionally high relative to capital prices in Britain., so the jenny was profitable to use in Britain but not elsewhere. Since it was only profitable to use the jenny in Britain, that was the only country where it as worth incurring the costs of developing it. Irrespective of the quality of their institutions or the progressiveness of their cultures, neither the Fren...
作者：University of California System; University of California Los Angeles
摘要：Four million blacks left the South from 1940 to 1970, doubling the northern black workforce. I exploit variation in migrant flows within skill groups over time to estimate the elasticity of substitution by race. I then use this estimate to calculate counterfactual rates of wage growth. I find that black wages in the North would have been around 7 percent higher in 1970 if not for the migrant influx, while white wages would have remained unchanged. On net, migration was an avenue for black econ...
