Over millennia, mankind has used hard cash in various forms ranging from shells to gold coins and paper. More recently, cash has become unpopular in political circles, as it effectively restricts states’ power to tax (explicitly or via negative interest rates) or to survey and potentially...

This paper analyzes long-term effects of skilled-worker immigration on productivityfor the Huguenots migration to Prussia. We combine Huguenot immigration lists from1700 with Prussian firm-level data on the value of inputs and outputs in 1802 in aunique data base. In 1685, religious persecution...