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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 Vermont
摘要:Revisiting an old debate between traditional historians and New economic historians about the short-run monetary effects of President Jackson's war on the Second Bank, I offer new arguments for the traditionalists. I develop a framework accounting for growth in commercial bank credit based on the investment club characteristics of antebellum state-chartered banking and apply it to state bank balance sheet data for 1830-1836. The removal of the Second Bank indeed magnified the boom in commercia...
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作者:University of Oxford; University of British Columbia
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作者:University of Delaware
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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:Aberystwyth University
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作者:University of Colorado System; University of Colorado Boulder; University of Colorado System; University of Colorado Boulder; National Bureau of Economic Research; Northwestern University; Allegheny College
摘要:We examine the politics of the Salary Grab of 1873, legislation that increased congressional salaries retroactively by 50 percent. A group of New England and Midwestern elites opposed the Salary Grab, along with congressional franking and patronage-based civil service appointments, as part of a reform effort to reshape who should govern Congress. Our analyses of congressional voting confirm the existence of this nonparty elite coalition. Although these elites lost many legislative battles in t...
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作者:Rowan University
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作者:Vanderbilt University