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作者：California State University System; California State University Long Beach
摘要：The writing and allocation of French tax farm contracts changed dramatically after the Fronde (16.48-1653): they were gradually transformed from Small, competitively auctioned, units into a large cartel known as the Company of General Farms. Surprisingly, the crown's revenues increased. I present a transaction cost argument to explain the behavior of tax farm lease prices as tax farming changed during the seventeenth century. Cartelization of tax farms lowered costs faced by the crown. The tax...
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作者：University of London; London School Economics & Political Science
摘要：This article assesses train speeds in England and Wales 1843-1912. Trains were fast compared with coaches or walking, and the social saving of time saved grew over time to become over 10 percent of national income in 1912. Including fare savings as well, social savings were 14 percent of national income in 1912, with consumer surplus of 6 percent. Time savings dominated fare savings once railways became a new good: travel for the masses. Using the social savings-total factor productivity ident...
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作者：Yale University
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作者：Humboldt University of Berlin; Free University of Berlin
摘要：We estimate a threshold autoregressive model to assess medieval financial integration. Our approach is based on the analysis of deviations between exchange rates and parity, which in a fully integrated market should not exceed bullion points. Hence, the time needed for adjustment, following a violation of the bullion points, is a measure of integration. We apply this approach to exchange between fourteenth- and fifteenth-century Flanders, Lubeck, and Prussia, results showing that whereas it to...
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作者：Santa Clara University
摘要：Manufacturing contributed almost all-83 percent-of the growth of total factor productivity in the U.S. private nonfarm economy between 1919 and 1929. During the depression manufacturing TFP growth was not as uniformly distributed, and only half as rapid, accounting for only 48 percent of PNE TFP growth. Yet the overall growth of the residual between 1929 and 1941 was the highest of any comparable period in the twentieth century. This resulted from the combination of a still potent manufacturin...
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作者：University of Vermont
摘要：Revisiting an old debate between traditional historians and New economic historians about the short-run monetary effects of President Jackson's war on the Second Bank, I offer new arguments for the traditionalists. I develop a framework accounting for growth in commercial bank credit based on the investment club characteristics of antebellum state-chartered banking and apply it to state bank balance sheet data for 1830-1836. The removal of the Second Bank indeed magnified the boom in commercia...
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作者：University of Oxford; University of British Columbia
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作者：University of Delaware
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作者：University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：Could the Federal Reserve have reversed the decline in the money supply during the Great Depression without causing a loss of confidence in the U.S. commitment to the gold standard? This article uses the $1 billion expansionary open market operation in 1932 as a crucial case study. Using forward exchange rates and interest rate differentials to measure devaluation expectations, we find virtually no evidence that the large monetary expansion led investors to believe that the United States would...
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作者：Shilts, WE
