Using General William Sherman's 1864-65 military march through Georgia, South Carolina, and North Carolina during the American Civil War, this paper studies the effect of capital destruction on medium and long-run local economic activity, and the role of financial markets in the recovery...

Military spending, fatalities, and the destruction of capital, all of which are immediately felt and are often large, are the most overt costs of war. They are also relatively short-lived. The costs of war borne by combatants and their caretakers, which includes families, communities, and the...

This study estimates the effect of deployment location and length on the risk of developing PTSD, relative to what it would be from the normal military operations. We use a random sample of activity-duty enlisted personnel serving between 2001 and 2006. We identify PTSD cases from TRICARE...

The institutional arrangements governing the creation of money in the United States have changed dramatically since the Revolution. Yet beneath the surface the story of wartime money creation has remained much the same. During wars against minor powers, the government was able to fund the war by...

There has been a revival of warfare and threats of interstate war in recent years as the number of countries engaged in armed conflict surged dramatically, reaching to levels unprecedented since the end of Cold War. This is happening at a time when the global burden of mental health illness is...