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How Long Did It Take the United States to Become an Optimal Currency Area?

Rockoff, Hugh - 2000

The United States is often taken to be the exemplar of the benefits of a monetary union. Since 1788 Americans, with the exception of the Civil War years, have been able to buy and sell goods, travel, and invest within a vast area without ever having to be concerned about changes in exchange...

Persistent link: https://www.econbiz.de/10012471140

O.M.W. Sprague (the Man Who "Wrote the Book" on Financial Crises) meets the Great Depression

Rockoff, Hugh - National Bureau of Economic Research - 2021

When the Great Depression struck the United States, Oliver M.W. Sprague was America's foremost expert on financial crises. His History of Crises under the National Banking System is a frequently cited classic. Had he diagnosed a banking panic and called for an aggressive response by the Federal...

Persistent link: https://www.econbiz.de/10012660094

Money and Interest Rates in the United States during the Great Depression

Basile, Peter F. - 2010

This paper reexamines the debate over whether the United States fell into a liquidity trap in the 1930s. We first review the literature on the liquidity trap focusing on Keynes's discussion of "absolute liquidity preference" and the division that soon emerged between Keynes, who believed that a...

Persistent link: https://www.econbiz.de/10012462451

Droughts, Floods and Financial Distress in the United States

Landon-Lane, John - 2009

The relationships among the weather, agricultural markets, and financial markets have long been of interest to economic historians, but relatively little empirical work has been done. We push this literature forward by using modern drought indexes, which are available in detail over a wide area...

Persistent link: https://www.econbiz.de/10012463053

Monetary Policy and Regional Interest Rates in the United States, 1880-2002

Landon-Lane, John - 2004

The long running debate among economic historians over how long it took regional financial markets in the United States to become fully integrated should be of considerable interest to students of monetary unions. This paper reviews the debate, discusses the implications of various hypotheses...

Persistent link: https://www.econbiz.de/10012467763

Until it's Over, Over There : The U.S. Economy in World War I

Rockoff, Hugh - 2004

The process by which the US economy was mobilized during World War I was the subject of considerable criticism both at the time and since. Nevertheless, when viewed in the aggregate the degree of mobilization achieved during the short period of active US involvement was remarkable. The United...

Persistent link: https://www.econbiz.de/10012468113

Prodigals and Projecture : An Economic History of Usury Laws in the United States from Colonial Times to 1900

Rockoff, Hugh - 2003

During the Colonial era usury laws in the United States were strict both in terms of the maximum rate that could be charged and the penalties that would be imposed. In Massachusetts in eighteenth century, for example, the maximum rate was 6 percent, and both principal and interest were forfeited...

Persistent link: https://www.econbiz.de/10012468956

A Wolfram in Sheep's Clothing : U.S. Economic Warfare in Spain, 1940-1944

Caruana, Leonard - 2001

when Germany was going from victory to victory, was successful in helping keep Spain neutral because it forced the Franco … regime to rethink the costs of joining the war. Pre-emptive buying of wolfram was also successful. It forced Germany to pay … Germany, was not fully realized. Several special circumstances, in particular the naval blockade and the tendency of sanctions …

Persistent link: https://www.econbiz.de/10012470668

Oh, How the Mighty Have Fallen : The Bank Failures and Near Failures That Started America's Greatest Financial Panics

Rockoff, Hugh - National Bureau of Economic Research - 2021

This is my presidential address to the Economic History Association that was delivered in September 2020. It examines the failures or in some cases near-failures, of financial institutions that started the 12 most severe peacetime financial panics in the United States, beginning with the Panic...

Persistent link: https://www.econbiz.de/10012496131

A Comparison of the United States and Canadian Banking Systems in the Twentieth Century : Stability vs. Efficiency?

Bordo, Michael D. - 1993

This paper asks whether the vaunted comparative stability of the Canadian banking system has been purchased at the cost of creating an oligopoly. We assembled a data set that compares bank failures, lending rates, interest paid on deposits and related variables over the period 1920 to 1980. Our...

Persistent link: https://www.econbiz.de/10012474396