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作者：Stanford University; Instituto Tecnologico Autonomo de Mexico
摘要：Changes in formal institutions do not always affect economic outcomes. When an industry has specific technological features that limit a government's ability to expropriate it, or when the industry is able to call on foreign governments to enforce its de facto property rights, economic agents can easily mitigate changes in formal institutions designed to reduce these property rights. We explore the Mexican oil industry from 1,911 to 1929 and demonstrate that informal rather than formal institu...
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作者：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
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作者：University of Arizona
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作者：Pompeu Fabra University; University of Cambridge
摘要：In May 1927, the German central bank intervened indirectly to reduce lending to equity investors. The crash that followed ended the only stock market boom during Germany's relative stabilization 1924-1928. The evidence strongly suggests that the German central bank under Hjalmar Schacht was wrong to be concerned about stock prices-there was no bubble. Also, the Reichsbank was mistaken in its belief that a fall in the market would reduce the importance of short-term foreign borrowing and improv...
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作者：Santa Clara University
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作者：Montana State University System; Montana State University Bozeman
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作者：Massachusetts Institute of Technology (MIT)
摘要：In 1842 Lowell textile firms increased weaving productivity by assigning three looms per worker instead of two. This marked a turning point. Before, weavers at Lowell were temporary and mostly literate Yankee farm girls; afterwards, firms increasingly hired local residents, including illiterate and Irish workers. An important factor was on-the-job learning. Literate workers learned new technology faster, but local workers stayed longer. These changes were unprofitable before 1842, and the adva...
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作者：University of Oxford
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作者：Universite de Montreal; HEC Montreal
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作者：University of Western Australia
