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作者：University of Lausanne
摘要：Some English country banks were more like modem venture capital firms than modem banks in terms of legal and managerial structure, size and source of investment funding, size and nature of investments, and riskiness. This is exemplified by Praed & Co. of Truro, which was heavily engaged in financing the adoption of a risky new technology-Watt steam engines-by Cornish copper mines in the period 1775-1800. If some banks were proto-venture capital firms, rather than proto-banks, then their illiqu...
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作者：The Vanguard Group, Inc.
摘要：The NBER's pre-World War I dating of business cycles implies that the U.S. economy spent nearly every other year in recession. This article extends earlier efforts at redating for the 1796-1914 period using a single metric: Davis's (2004) annual industrial production index. The new chronology alters more than 40 percent of the peak and troughs and removes the most questionable cycles. An important implication of this is the lack of discernible differences in the frequency and duration of indus...
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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 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
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作者：University of Wisconsin System
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作者：University of Tokyo
摘要：At the beginning of the twentieth century, U.S. tobacco manufacturers were not forging ahead of their leading European counterparts in technology, productivity, or managerial techniques. On some indicators, including per capita cigarette consumption, the United States strikingly lagged. Fiscal discrimination against cigarettes, amplified by the monopoly pricing, strategic choices, and organizational overload of the American Tobacco trust, were among the retarding factors.
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作者：University of California System; University of California Irvine
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作者：Rutgers University System; Rutgers University New Brunswick
