Narrow search
Showing 1 - 10 of 200
Cover Image
The Model T
Eli, Shari; Hausman, Joshua K.; Rhode, Paul W. - National Bureau of Economic Research - 2023
We ask (1) why the United States adopted the car more quickly than other countries before 1929, and (2) why in the United States the car changed from a luxury to a mass market good between 1909 and 1919. We argue that the answer is in part the success of the Model T in the United States and its...
Persistent link: https://www.econbiz.de/10014322841
Cover Image
How do Financial Crises Redistribute Risk?
Mitchener, Kris; Vossmeyer, Angela - National Bureau of Economic Research - 2023
We examine how financial crises redistribute risk, employing novel empirical methods and micro data from the largest financial crisis of the 20th century - the Great Depression. Using balance-sheet and systemic risk measures at the bank level, we build an econometric model with incidental...
Persistent link: https://www.econbiz.de/10014337771
Cover Image
Wage Inequality in American Manufacturing, 1820-1940 : New Evidence
Atack, Jeremy; Margo, Robert A.; Rhode, Paul W. - National Bureau of Economic Research - 2023
The consensus view among economic historians is that wage inequality in American manufacturing followed an inverted … part of the paper, we use the U.S. Department of Labor's 1899 "Hand and Machine Labor" study to argue that wage inequality … the second part, we use data for Massachusetts from state reports to construct a new time series on wage inequality among …
Persistent link: https://www.econbiz.de/10014250180
Cover Image
Connected Lending of Last Resort
Mitchener, Kris; Monnet, Eric - National Bureau of Economic Research - 2023
Because of secrecy, little is known about the political economy of central bank lending. Utilizing a novel, hand-collected historical daily dataset on loans to commercial banks, we analyze how personal connections matter for lending of last resort, highlighting the importance of governance for...
Persistent link: https://www.econbiz.de/10013537763
Cover Image
Traumatic Financial Experiences and Persistent Changes in Financial Behavior : Evidence from the Freedman's Savings Bank
Arthi, Vellore; Richardson, Gary - National Bureau of Economic Research - 2024
The failure of the Freedman's Savings Bank (FSB), one of the only Black-serving banks in the early post-bellum South, was an economic catastrophe and one of the great episodes of racial exploitation in post-Emancipation history. It was also most Black Americans' first experience of banking. Can...
Persistent link: https://www.econbiz.de/10014576605
Cover Image
Is Software Eating the World?
Aum, Sangmin; Shin, Yongseok - National Bureau of Economic Research - 2024
When explaining the declining labor income share in advanced economies, the macro literature finds that the elasticity of substitution between capital and labor is greater than one. However, the vast majority of micro-level estimates shows that capital and labor are complements (elasticity less...
Persistent link: https://www.econbiz.de/10014576620
Cover Image
Loans for the "Little Fellow : " Credit, Crisis, and Recovery in the Great Depression
Quincy, Sarah - National Bureau of Economic Research - 2023
This paper identifies how bank branching benefited local economies during the Great Depression. Using archival data and narrative evidence, I show how Bank of America's branch network in 1930s California created an internal capital market to diversify away local liquidity shortfalls, allowing it...
Persistent link: https://www.econbiz.de/10014421204
Cover Image
Inequality Within Countries is Falling : Underreporting-Robust Estimates of World Poverty, Inequality and the Global Distribution of Income
Pinkovskiy, Maxim; Sala-i-Martin, Xavier; … - National Bureau of Economic Research - 2024
constant correction to survey-derived inequality estimates. Underreporting of income by the bottom 50% of the world income … and inequality have declined dramatically between 1980 and 2019. Finally, we find that within-country inequality is …
Persistent link: https://www.econbiz.de/10014512057
Cover Image
Book-Value Wealth Taxation, Capital Income Taxation, and Innovation
Guvenen, Fatih; Kambourov, Gueorgui; Kuruşçu, Burhanettin - National Bureau of Economic Research - 2024
When is a wealth tax preferable to a capital income tax? When is the opposite true? More generally, can capital taxation be structured to improve productivity, incentivize innovation, and ultimately increase welfare? We study these questions theoretically in an infinite-horizon model with...
Persistent link: https://www.econbiz.de/10014576614
Cover Image
One-Sided Limited Commitment and Aggregate Risk
Ando, Yoshiki; Krueger, Dirk; Uhlig, Harald - National Bureau of Economic Research - 2023
, inequality over the business cycle and asset pricing, and derive conditions under which our model has identical, as well as …
Persistent link: https://www.econbiz.de/10014437034