作者：Stanford University; Tel Aviv University
摘要：The contribution to growth from the steam engine-Industrial Revolution icon and prime example of a General Purpose Technology-has remained unclear. This article examines the role that a particular design improvement in steam power, embodied in the Corliss engine, played in the growth of the U.S. economy in the late nineteenth century. Using detailed data on the location of Corliss engines and water-wheels and a two-stage estimation strategy, we show that the deployment of Corliss engines serve...
作者：University of North Dakota Grand Forks
作者：Gramm, M; Gramm, P
摘要：Monetary historians have contended that Free Silver advocates were inflationists seeking debt reduction. We offer an alternative interpretation using a theory of money demand with differential returns on nominal units and a nonoptimum nominal money stock. Our explanation is more logically appealing and more consistent with contemporary evidence. The restrictive coinage laws of the period produced chronic shortages, and our empirical analysis provides clear evidence of these shortages. A shorta...
