作者：ROGERS, FH
摘要：This paper explores the phenomenon of ''job-loan trading''-in which employers offered jobs in exchange for substantial loans from their new employees-as practiced in mid-nineteenth-century California. A sample of newspaper advertisements from 1857-76 reveals that despite the obvious inefficiencies of linking labor and capital markets, job-loan trading was both common and profitable. I assess labor market bonding against moral hazard or adverse selection as a possible explanation, but conclude ...
作者：KLOVLAND, JT
摘要：Five pitfalls commonly encountered in estimating the yield on British Consols are identified and discussed herein. The most difficult question is whether Consol prices in the later 1890s reflected expectations of a conversion of the Consol stock in 1923. This is equivalent to asking whether security markets in the 1890s regarded the then extremely low interest rates to be a temporary or permanent phenomenon. Predictions from estimated equations for the yield spread between other high-class inv...
