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作者:University of Toronto
摘要:To what extent do rising income levels explain the decline in adult mortality rates experienced in the United States a centuay ago? I explore this question by investigating the income effect of the country's first wide-scale entitlement program: the Union Army pensions. Documenting that Republican Congressional candidates boosted pensions to secure votes, I exploit exogenous increases in income stemming from patronage politics to estimate the semi-elasticity of disease onset with respect to pe...
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作者:Washington University (WUSTL)
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作者:George Mason University
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作者:York University - Canada
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作者:University of Oxford
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作者:University of Minnesota System; University of Minnesota Twin Cities
摘要:U.S corn output increased from 1.8 billion bushels in 1879 to 12.7 billion bushels in 2007. Concurrently, the footprint of production changed substantially. Failure to take proper account of movements means that productivity assessments likely misattribute sources of growth and climate change studies likely overestimate impacts. Our new spatial output indexes show that 16 to 21 percent of the increase in U.S. corn output over the 128 years beginning in 1879 was attributable to spatial movement...
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作者:Williams College
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作者:Portland State University
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作者:Lund University; Lund University
摘要:This article explores the development of market integration within the Baltic Sea region and with England, from the 1840s to the late 1880s. It exploits two new datasets on grain prices. The degree of market integration is estimated using a wavelet variant of dynamic factor analysis that takes account of both time and distance. Additionally, we use the London corn market as the benchmark for the degree of market integration. Our results show that the role of distance disappeared in the wheat a...
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作者:Santa Clara University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Claremont Colleges; Claremont McKenna College; Claremont Graduate University
摘要:We use a standard metric from international finance, the currency risk premium, to assess the credibility of fixed exchange rates during the classical gold standard em. Theory suggests that a completely credible and permanent commitment to join the gold standard would have zero currency risk or no expectation of devaluation. We find that, even five years after a typical emerging-market country joined the gold standard, the currency risk premium averaged at least 220 basis points. Fixed-effects...