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Made in America? The New World, the Old, and the Industrial Revolution

Clark, Gregory - 2008

have placed an emphasis on the importance of trade with New World colonies, and the expanded supply of raw cotton it … provided. We test both hypotheses using calibrated general equilibrium models of the British economy and the rest of the world … trade with the rest of the world, not the American colonies, that allowed Britain to export its rapidly expanding textile …

Persistent link: https://www.econbiz.de/10012464570

Trade, Technology, and the Great Divergence

O'Rourke, Kevin Hjortshøj - 2019

Why did per capita income divergence occur so dramatically during the 19th Century, rather than at the outset of the Industrial Revolution? How were some countries able to reverse this trend during the globalization of the late 20th Century? To answer these questions, this paper develops a...

Persistent link: https://www.econbiz.de/10012479692

After the Panic : Are Financial Crises Demand or Supply Shocks? Evidence from International Trade

Benguria, Felipe - 2019

Are financial crises a negative shock to demand or a negative shock to supply? This is a fundamental question for both macroeconomics researchers and those involved in real-time policymaking, and in both cases the question has become much more urgent in the aftermath of the recent financial...

Persistent link: https://www.econbiz.de/10012479740

Financial Crises, Credit Booms, and External Imbalances : 140 Years of Lessons

Jordà, Òscar - 2010

Do external imbalances increase the risk of financial crises? In this paper, we study the experience of 14 developed countries over 140 years (1870-2008). We exploit our long-run dataset in a number of different ways. First, we apply new statistical tools to describe the temporal and spatial...

Persistent link: https://www.econbiz.de/10012462090

Credit Booms Gone Bust : Monetary Policy, Leverage Cycles and Financial Crises, 1870-2008

Schularick, Moritz - 2009

The crisis of the advanced economies in 2008-09 has focused new attention on money and credit fluctuations, financial crises, and policy responses. We study the behavior of money, credit, and macroeconomic indicators over the long run based on a new historical dataset for 14 countries over the...

Persistent link: https://www.econbiz.de/10012463137

Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008

Obstfeld, Maurice - 2009

In this paper we connect the events of the last twelve months, "The Panic of 2008" as it has been called, to the demand for international reserves. In previous work, we have shown that international reserve demand can be rationalized by a central bank's desire to backstop the broad money supply...

Persistent link: https://www.econbiz.de/10012463821

Stuck on Gold : Real Exchange Rate Volatility and the Rise and Fall of the Gold Standard

Chernyshoff, Natalia - 2005

absorption in a world of real shocks and nominal stickiness. A simple model shows how a lack of flexibility can be discerned in …

Persistent link: https://www.econbiz.de/10012466876

Collateral Damage : Trade Disruption and the Economic Impact of War

Glick, Reuven - 2005

of World War I and World War II …

Persistent link: https://www.econbiz.de/10012467113

Productivity, Tradability, and the Long-Run Price Puzzle

Bergin, Paul - 2004

Long-run cross-country price data exhibit a puzzle. Today, richer countries exhibit higher price levels than poorer countries, a stylized fact usually attributed to the Balassa- Samuelson' effect. But looking back fifty years, or more, this effect virtually disappears from the data. What is...

Persistent link: https://www.econbiz.de/10012468124

The Trilemma in History : Tradeoffs among Exchange Rates, Monetary Policies, and Capital Mobility

Obstfeld, Maurice - 2004

The exchange-rate regime is often seen as constrained by the monetary policy trilemma, which imposes a stark tradeoff among exchange stability, monetary independence, and capital market openness. Yet the trilemma has not gone without challenge. Some (e.g., Calvo and Reinhart 2001, 2002) argue...

Persistent link: https://www.econbiz.de/10012468297