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Wealth of Two Nations : The U.S. Racial Wealth Gap, 1860-2020

Derenoncourt, Ellora; Kim, Chi Hyun; Kuhn, Moritz; … - National Bureau of Economic Research - 2022

The racial wealth gap is the largest of the economic disparities between Black and white Americans, with a white-to-Black per capita wealth ratio of 6 to 1. It is also among the most persistent. In this paper, we construct the first continuous series on white-to-Black per capita wealth ratios...

Persistent link: https://www.econbiz.de/10013334320

The Spanish Mission Legacy on Native American Reservations

Alston, Lee J.; Duggan, Marie Christine; Pastrana, … - National Bureau of Economic Research - 2022

We explore the long run impact of the Spanish missions on Native American outcomes in the early 20th century. Native communities who interacted with Spanish missionaries developed into enclaves which blended Catholicism with native culture. Some survived assaults on their property rights by...

Persistent link: https://www.econbiz.de/10013334468

Macroeconomic Effects of Uncertainty Shocks : Evidence from Korea

Cho, Dooyeon; Kim, Husang - 2022

This paper proposes a new measure of economic policy uncertainty (EPU) for Korea by fine-tuning the keywords and exploiting information drawn from a wide variety of local newspapers. The uniqueness of our new EPU index lies mainly in the fact that it uses a set of keywords that correspond much...

Persistent link: https://www.econbiz.de/10013294884

Market Sentiment, Financial Fragility, and Economic Activity : The Role of Corporate Securities Issuance

Dieckelmann, Daniel - 2021

Using new quarterly U.S. data for the past 120 years, I show that sudden reversals in equity and credit market sentiment approximated by several measures of corporate securities issuance are highly predictive of banking crises and recessions. Deviations in equity issuance from historical...

Persistent link: https://www.econbiz.de/10013237318

Monitoring multicountry macroeconomic risk

Korobilis, Dimitris; Schröder, Maximilian - 2023

We propose a multicountry quantile factor augmeneted vector autoregression (QFAVAR) to model heterogeneities both across countries and across characteristics of the distributions of macroeconomic time series. The presence of quantile factors allows for summarizing these two heterogeneities in a...

Persistent link: https://www.econbiz.de/10014314068

The relative volatility of commodity prices : a reappraisal

Arezki, Rabah; Lederman, Daniel; Zhao, Hongyan - 2011

This paper studies the volatility of commodity prices on the basis of a large dataset of monthly prices observed in … evidence does not actually attempt to measure the volatility of prices of individual goods or commodities. The literature tends … to focus on trends in the evolution and volatility of ratios of price indexes composed of multiple commodities and …

Persistent link: https://www.econbiz.de/10009489287

Classifying US business cycles 1948 to 1997: Meyer/Weinberg revisited

Heilemann, Ullrich; Münch, Heinz Josef - 2002

Persistent link: https://www.econbiz.de/10009772062

The Interwar Housing Cycle in the Light of 2001-2011 : A Comparative Historical Approach

Field, Alexander James - 2015

This paper examines the interwar housing cycle in comparison to what transpired in the United States between 2001 and 2011. The 1920s experienced a boom in construction and prolonged retardation in building in the 1930s, resulting in a swing in residential construction’s share of GDP, and its...

Persistent link: https://www.econbiz.de/10014177399

Evolving Credit and the U.S. Macroeconomy : 1920-2011

Amir-Ahmadi, Pooyan - 2015

This paper studies evolving macroeconomic consequences of adverse credit spread shocks for the US economy over the past century. The key objective is to characterize and quantify how the credit transmission mechanism has changed in shaping the macroeconomy during major macroeconomic episodes. I...

Persistent link: https://www.econbiz.de/10013022619

Monetary Regimes, Money Supply, and the US Business Cycle since 1959

Hollander, Hylton - 2019

The monetary authority's choice of operating procedure has significant implications for the role of monetary aggregates and interest rate policy on the business cycle. Using a dynamic general equilibrium model, we show that the type of endogenous monetary regime, together with the interaction...

Persistent link: https://www.econbiz.de/10012895445