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our analysis of these new data, we find that the relatively stingy, fixed-price contracts of the Civil War era led … inventors to focus broadly on reducing costs, while the less cost-conscious procurement contracts of World War I did not. We …' preferences across wars. Finally, we find that the Civil War and World War I procurement shocks led to substantial increases in …
Persistent link: https://www.econbiz.de/10013313406
emerged in many European countries after World War I. We demonstrate that economic policy uncertainty was instrumental in … pushing a subset of European countries into hyperinflation shortly after the end of the war. Germany, Austria, Poland, and …
Persistent link: https://www.econbiz.de/10012918627
Heightened counterparty risk during the recent financial crisis has raised questions about the role clearinghouses play in global financial stability. Empirical identification of the effect of centralized clearing on counterparty risk is challenging because of the co-incidence of macro-economic...
Persistent link: https://www.econbiz.de/10013047773
World War II was one of the most acute emergencies in U.S. history, and the first where mobilizing science and … research effort to develop technologies and medical treatments that not only helped win the war, but also transformed civilian … different, how crisis policy approaches may vary, and also the limits to generalizing from World War II for other crises …
Persistent link: https://www.econbiz.de/10013294699
We analyze financial market data in order to produce an ex-ante assessment of the economic consequences of war with …'s price provides a plausible estimate of the probability of war. The spot oil price has moved closely with the Saddam Security …, suggesting that war raises oil prices by around $10 per barrel. Futures prices imply that markets expect these large immediate …
Persistent link: https://www.econbiz.de/10012762835
We study the link between fiscal austerity and Nazi electoral success. Voting data from a thousand districts and a hundred cities for four elections between 1930 and 1933 shows that areas more affected by austerity (spending cuts and tax increases) had relatively higher vote shares for the Nazi...
Persistent link: https://www.econbiz.de/10012941600
According to conventional wisdom, annualized volatility of stock returns is lower when computed over long horizons than over short horizons, due to mean reversion induced by return predictability. In contrast, we find that stocks are substantially more volatile over long horizons from an...
Persistent link: https://www.econbiz.de/10012764748
This paper explores the means by which warfare influences domestic commodity markets. It is argued that England during the French Wars provides an ideal testing ground. Four categories of explanatory variables are taken as likely sources of documented changes in English commodity price...
Persistent link: https://www.econbiz.de/10013139748
fight and endure war, the government elites began to provide public goods, reduced rent extraction and adopted policies to …
Persistent link: https://www.econbiz.de/10012955943
A surge in orders during the stock market boom of the late 1920s collided against the constraint created by the fixed number of brokers on the New York Stock Exchange. Estimates of the determinants of individual stock bid-ask spreads from panel data reveal that spreads jumped when volume spiked,...
Persistent link: https://www.econbiz.de/10013115870