How do health crises affect election results? We combine a panel of election results from 1893-1933 with spatial heterogeneity in excess mortality due to the 1918 Influenza to assess the pandemic's effect on voting behavior across German constituencies. Applying a dynamic...

Why do public policies change little over time in individual places, sometimes for centuries? We investigate different mechanisms for policy persistence. Several city mayors serving in democratic Weimar Germany were expelled by the Nazis in 1933, but re-installed by the Allies after World War...

Unexpected inflation can redistribute wealth from creditors to debtors. In the presence of financing frictions, such redistribution can impact the allocation of real activity. We use the German inflation of 1919-1923 to study how a large inflationary shock is transmitted to the real economy via...

Guinnane and Hoffman (subsequently GH) comment on two of our papers: Voigtländer and Voth: “Persecution Perpetuated” (2012, subsequently PP) and Satyanath, Voigtländer and Voth: Bowling for Fascism (2017, subsequently BF). They allege that our econometric results are fragile and depend on...

The notion of a nation-specific inflation trauma among the German population is ubiquitous in the public debate in Germany and beyond. Because of its experience with hyperinflation in 1923, the German population fears rising prices and favors stability-oriented monetary as well as fiscal policy....