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American Banking and the Transportation Revolution Before the Civil War
Atack, Jeremy - 2014
Studies have shown a connection between finance and growth, but most do not consider how financial and real factors interact to put a virtuous cycle of economic development into motion. As the main transportation advance of the 19th century, railroads connected established commercial centers and...
Persistent link: https://www.econbiz.de/10012458467
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Did Railroads Induce or Follow Economic Growth? Urbanization and Population Growth in the American Midwest, 1850-60
Atack, Jeremy - 2009
For generations of scholars and observers, the "transportation revolution," especially the railroad, has loomed large as a dominant factor in the settlement and development of the United States in the nineteenth century. There has, however, been considerable debate as to whether transportation...
Persistent link: https://www.econbiz.de/10012464009
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The Link Between Fundamentals and Proximate Factors in Development
Keller, Wolfgang - 2013
The paper introduces a framework for studying the hierarchy of growth factors, from deep to more immediate. The specific setting we examine is 18th and 19th century Germany, when institutional changes introduced by reforms and transportation improvements converged to create city growth. We...
Persistent link: https://www.econbiz.de/10012459845
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Japan's Big Bang and the Transformation of Financial Markets
Ito, Takatoshi - 1999
A first step in the 'big bang' markets was the deregulation of the foreign exchange market on April 1, 1998. This paper … the deregulation. Intra-day data are analyzed with the following results: (1) Holding constant the effects of volume and … volatility, the deregulation was associated with a convergence of Japanese quoted spreads toward those of other banks. (2 …
Persistent link: https://www.econbiz.de/10012471543
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Business Groups and the Big Push : Meiji Japan's Mass Privatization and Subsequent Growth
Morck, Randall - 2007
feudal elite; withdrew its hand with a propitious mass privatization that rallied the private sector; marginalized an …
Persistent link: https://www.econbiz.de/10012465482
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Alternative Monetary Policy Rules : A Comparison with Historical Settings for the United States, the United Kingdom, and Japan
McCallum, Bennett T. - 2000
This paper conducts counterfactual historical analysis of several monetary policy rules by contrasting actual settings of instrument variables with values that would have been specified by the rules in response to prevailing conditions. Of particular interest is whether major policy mistakes,...
Persistent link: https://www.econbiz.de/10012471025
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G3 Exchange Rate Relationships : A Recap of the Record and a Review of Proposals for Change
Clarida, Richard H. - 1999
This paper is a recap of G3 exchange rate relationships since the collapse of Bretton Woods and an analysis of recent proposals for changing the way the G3 countries currently conduct exchange rate policy. We seek to understand these proposals in the context of the status quo monetary policies...
Persistent link: https://www.econbiz.de/10012471348
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The Rise of the Engineer : Inventing the Professional Inventor During the Industrial Revolution
Hanlon, W. Walker - National Bureau of Economic Research - 2022
Why was the Industrial Revolution successful at generating sustained growth? Some have argued that there was a fundamental change in the way that new technology was developed during this period, but evidence for this argument remains largely anecdotal. This paper provides direct quantitative...
Persistent link: https://www.econbiz.de/10012938720
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Use of (Time-Domain) Vector Autoregressions to Test Uncovered Interest Parity
Ito, Takatoshi - 1984
In this paper, a vector autoregression model (VAR) is proposed in order to test uncovered interest parity (UIP) in the foreign exchange market. Consider a VAR system of the spot exchange rate (yen/dollar), the domestic (US) interest rate and the foreign (Japanese) interest rate, describing the...
Persistent link: https://www.econbiz.de/10012477593
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Wages and Prices Are Not Always Sticky : A Century of Evidence for the United States, United Kingdom, and Japan
Gordon, Robert J. - 1982
Arthur M. Okun's last book, Prices and Quantities, contributes a theory of universal wage and price stickiness, but provides no explanation at all of historical and cross country differences in behavior. The core of this paper provides a new empirical characterization of price and wage changes...
Persistent link: https://www.econbiz.de/10012478264