作者：Loyola University Chicago; Northwestern University
作者：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
作者：University of Warwick
摘要：Soviet planners developed the unchanged prices of 1926/27 to facilitate the solution of an agency problem-the regulation of self-interested producers as they worked to fulfill plans for heterogeneous products denominated in rubles. The system limited but did not eliminate producers' opportunistic behavior, which took the form of inflating the plan prices of new products. Through the 1930s and 1940s the ''unchanged prices proved resistant to reform, and following their abolition in 1950 the sys...
作者：Colorado State University System; Colorado State University Fort Collins
摘要：This article examines one feature of the pre-Federal Reserve financial system that has not been widely researched: the market for bank drafts (the domestic exchanges). Though the exchanges existed for nearly a century, critics argued that exchange rate fluctuations exacerbated financial panics. We find, using cointegration analysis over the period from 1899 to 1908, that differences in growth rates across regions caused predictable movements in rates. We conclude that the exchanges promoted ef...
