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Macrofinancial History and the New Business Cycle Facts

Jordà, Òscar - 2016

In advanced economies, a century-long near-stable ratio of credit to GDP gave way to rapid financialization and surging leverage in the last forty years. This "financial hockey stick" coincides with shifts in foundational macroeconomic relationships beyond the widely-noted return of...

Persistent link: https://www.econbiz.de/10012455937

Globalization, Trade, and Development : Some Lessons From History

Taylor, Alan M. - 2002

Recent research in international economic history has opened up new lines of enquiry on the origins of globalization …

Persistent link: https://www.econbiz.de/10012469380

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

Luddites and the Demographic Transition

O'Rourke, Kevin Hjortshøj - 2008

, and the transition to skill-biased technological change. The simulated model tracks British industrialization in the 18th …

Persistent link: https://www.econbiz.de/10012464163

Australian Growth : A California Perspective

McLean, Ian W. - 2001

Examination of special cases assists understanding of the mechanics of long-run economic growth more generally. Australia and California are two economies having the rare distinction of achieving 150 years of sustained high and rising living standards for rapidly expanding populations. They are...

Persistent link: https://www.econbiz.de/10012470310

Betting the House

Jordà, Òscar - 2014

Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of modern economic history in the advanced economies. We...

Persistent link: https://www.econbiz.de/10012457895

The Great Mortgaging : Housing Finance, Crises, and Business Cycles

Jordà, Òscar - 2014

This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for 17 advanced economies since 1870. The new data show that the share of mortgages on banks' balance sheets doubled in the course of the 20th century, driven by a sharp rise of...

Persistent link: https://www.econbiz.de/10012458166

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

The Rate of Return on Everything, 1870–2015

Jordà, Òscar - 2017

This paper answers fundamental questions that have preoccupied modern economic thought since the 18th century. What is the aggregate real rate of return in the economy? Is it higher than the growth rate of the economy and, if so, by how much? Is there a tendency for returns to fall in the...

Persistent link: https://www.econbiz.de/10012453601

Gaucho Banking Redux

Paolera, Gerardo della - 2003

Argentina's economic crisis has strong similarities with previous crises stretching back to the nineteenth century. A common thread runs through all these crises: the interaction of a weak, undisciplined, or corruptible banking sector, and some other group of conspirators from the public or...

Persistent link: https://www.econbiz.de/10012469246