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作者:University of Colorado System; University of Colorado Boulder
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作者:Santa Clara University; National Bureau of Economic Research
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作者:University of Kansas
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作者:University of California System; University of California Davis
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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:Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Tufts University
摘要:By the end of the Civil War 186,017 black men had served in the Union Army, roughly three-quarters of whom were former slaves. Because most black soldiers were illiterate farm workers, the war exposed them to a much broader world. Their wartime experience depended upon their peers, their commanding officers, and where their regiment toured and affected their later life outcomes. In the short run the combat units benefited from company homogeneity, which built social capital and minimized shirk...
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作者:Carnegie Mellon University
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作者:Vanderbilt University
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作者:University of Warwick
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作者:Harvard University; Free University of Berlin
摘要:This article reassesses the importance of colonial status to investors before 1914 by means of multivariable regression analysis of the data available to contemporaries. We show that British colonies were able to borrow in London at significantly lower rates of interest than noncolonies precisely because of their colonial status, which mattered more than either gold standard adherence or the sustainability of fiscal policies. The empire effect was, on average, a discount of around 100 basis po...