This paper examines the comovement of the stock market and of real activity in Germany before World War I under the efficient market hypothesis. We employ multivariate spectral analysis to compare rivaling national product estimates to stock market behavior in the frequency domain. Close...

This paper examines the comovement of the stock market and of real activity in Germany before World War I under the efficient market hypothesis. We employ multivariate spectral analysis to compare rivaling national product estimates to stock market behavior in the frequency domain. Close...

This paper presents insights on U.S. business cycle volatility since 1867 de- rived from diffusion indices. We employ a Bayesian dynamic factor model to obtain aggregate and sectoral economic activity indices. We find a remarkable increase in volatility across World War I, which is reversed...

In vier Bänden untersuchen die Autoren der Geschichtskommission beim Bundeswirtschaftsministerium die Kontinuitäten und Brüche der deutschen Wirtschaftspolitik von 1917 bis 1990. Die Bände 1 und 2 gelten dem Reichswirtschaftsministerium in Weimarer Republik und Drittem Reich. Die Bände 3...