The paper evaluates the performance of three popular monetary policy rules when the central bank is learning aboutthe parameter values of a simple New Keynesian model. The three policies are: (1) the optimal non-inertial rule; (2)the optimal history-dependent rule; (3) the optimal price-level...

This paper examines pre-colonial interaction among polities along the Konkan coast, from Surat to Goa, during the long half-century c.1680-1756. Specifically it uses the dynasty of the Angrias, who were deemed pirates by the European powers but were actually an integral part of the Maratha...

Traditional theories of the origins of the welfare state have emphasized the financial weakness of Britain’s largest provider of mutual insurance in the late 19th century, the friendly societies. These theories share common implications with contemporary theories of institutional change...

The 19th century was a period of great transformations for Italy. Political unification was achieved in 1861 while economic unification was still far off. Ever since, Italian industrialization has been unbalanced, as the pre-existing gap between Northern and Southern economic development has...

By analysing a newly compiled database of exchange rates, this paper finds that Central European financial integration advanced in a cyclical fashion over the fifteenth century. The cycles were associated with changes in the money supply. Long-distance financial integration progressed in...

The prominent role of monetary policy in the U.S. interwardepression has been conventional wisdom since Friedman andSchwartz [1963]. This paper presents evidence on both thesurprise and the systematic components of monetary policybetween 1929 and 1933. Doubts surrounding GDP estimates forthe...

In England, across the whole period of the Great Debasement, the mint issued six different kinds of silver coins and three kinds of gold coins. According to Gresham’s Law, coins with the same face value but different intrinsic values can not circulate side by side for too long: only those...

Leaving home and entering service was a key transition in early modern England. This paper presents evidence on the age of apprenticeship in London. Using a new sample of 22,156 apprentices bound between 1575 and 1810, we find that apprentices became younger (from 17.4 to 14.7 years) and more...

This article offers a critical review of recent literature on Chinese legal tradition and argues that some subtle but fundamental differences between the Western and Chinese legal traditions are highly relevant to our explanation of the economic divergence in the modern era. By elucidating the...