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The Settlement of the United States, 1800 to 2000: The Long Transition towards Gibrat's Law

Desmet, Klaus; Rappaport, Jordan - C.E.P.R. Discussion Papers - 2013

This paper studies the long run development of U.S. counties and metro areas from 1800 to 2000. In earlier periods smaller counties converge whereas larger counties diverge. Over time, due to changes in the age composition of locations and net congestion, convergence dissipates and divergence...

Persistent link: https://www.econbiz.de/10011083478

Local Economic Development, Agglomeration Economies, and the Big Push: 100 Years of Evidence from the Tennessee Valley Authority

Kline, Patrick; Moretti, Enrico - C.E.P.R. Discussion Papers - 2013

Valley Authority (TVA). Using as controls authorities that were proposed but never approved by Congress, we find that the TVA … shift raised aggregate income in the TVA region for an extended period of time. Economists have long cautioned that the … the TVA’s aggregate consequences that is applicable to other place based policies. In our model, the TVA affects the …

Persistent link: https://www.econbiz.de/10011084200

Task Specialization in U.S. Cities from 1880-2000

Michaels, Guy; Rauch, Ferdinand; Redding, Stephen J. - C.E.P.R. Discussion Papers - 2013

We develop a new methodology for quantifying the tasks undertaken within occupations using 3,000 verbs from around 12,000 occupational descriptions in the Dictionary of Occupational Titles (DOTs). Using micro-data from the United States from 1880-2000, we find an increase in the employment share...

Persistent link: https://www.econbiz.de/10011084281

Asset Market Participation, Monetary Policy Rules and the Great Inflation

Bilbiie, Florin Ovidiu; Straub, Roland - C.E.P.R. Discussion Papers - 2011

This paper argues that limited asset market participation is crucial in explaining U.S. macroeconomic performance and monetary policy before the 1980s, and their changes thereafter. We develop an otherwise standard sticky-price DSGE model, whereby at low enough asset market participation,...

Persistent link: https://www.econbiz.de/10009293982

Maternal Health and the Baby Boom

Albanesi, Stefania; Olivetti, Claudia - C.E.P.R. Discussion Papers - 2010

Abstract U.S. fertility rose from a low of 2.27 children for women born in 1908 to a peak of 3.21 children for women born in 1932. It dropped to a new low of 1.74 children for women born in 1949, before stabilizing for subsequent cohorts. We propose a novel explanation for this boom-bust...

Persistent link: https://www.econbiz.de/10008554218

Crisis? What Crisis? Currency vs. Banking in the Financial Crisis of 1931

Ritschl, Albrecht; Sarferaz, Samad - C.E.P.R. Discussion Papers - 2009

This paper examines the role of currency and banking in the German financial crisis of 1931 for both Germany and the U.S. We specify a structural dynamic factor model to identify financial and monetary factors separately for each of the two economies. We find that monetary transmission through...

Persistent link: https://www.econbiz.de/10008493469

The Political Economy of Redistribution in the U.S. in the Aftermath of World War II and the Delayed Impacts of the Great Depression - Evidence and Theory

Beetsma, Roel; Cukierman, Alex; Giuliodori, Massimo - C.E.P.R. Discussion Papers - 2009

The paper presents evidence of an upward ratchet in transfers and taxes in the U.S. around World-War II. This finding is explained within a political-economy framework involving an executive who sets defense spending and the median voter in the population who interacts with a (richer) agenda...

Persistent link: https://www.econbiz.de/10008477176

Liquidity Traps: How to Avoid Them and How to Escape Them

Buiter, Willem H.; Panigirtzoglou, Nikolaos - C.E.P.R. Discussion Papers - 1999

The paper considers ways of avoiding a liquidity trap and ways of getting out of one. Unless lower short nominal interest rates are associated with significantly lower interest volatility, a lower average rate of inflation, which will be associated with lower expected nominal interest rates,...

Persistent link: https://www.econbiz.de/10005136693

Real Origins of the Great Depression: Monopolistic Competition, Union Power, and the American Business Cycle in the 1920s

Ebell, Monique; Ritschl, Albrecht - C.E.P.R. Discussion Papers - 2007

Most treatments of the Great Depression have focused on its onset and its aftermath. In contrast, we take a unified view of the interwar period. We look at the slide into and the emergence from the 1920-21 recession and the roaring 1920s boom, as well as the slide into the Great Depression after...

Persistent link: https://www.econbiz.de/10005497733

The U.S. Business Cycle, 1867-1995: A Dynamic Factor Approach

Ritschl, Albrecht; Sarferaz, Samad; Uebele, Martin - C.E.P.R. Discussion Papers - 2008

This paper reexamines U.S. business cycle volatility since 1867. We employ dynamic factor analysis as an alternative to reconstructed national accounts. We find a remarkable volatility increase across World War I, which is reversed after World War II. While we can generate evidence of postwar...

Persistent link: https://www.econbiz.de/10005504432