Many criticise the Canadian economy, of its abysmal performance, of how some provinces are being left behind, high national debt and exorbitant tax rates. However, in 1992 Canada ranked as the best country in the world to live, based on GDP per capita, life expectancy, literacy rates and years...

Despite the central role of firewood in the development of the early American economy, prices for this energy fuel are absent from official government statistics and the scholarly literature. This paper presents the most comprehensive dataset of firewood prices in the United States compiled to...

The years 1860 to 1960 witnessed the birth and rapid expansion of the modern pulp and paper industry. Its sine qua non was access to enormous volumes of conifer trees that grew in the northern hemisphere's temperate and boreal forests. Predictably, countries in northern Europe with large swaths...

The US Great Depression was preceded by almost a decade of credit growth. This review paper suggests that the 1920s credit boom went through two phases: one, up to around 1927, when credit grew in concert with money; another one, from around 1928 to 1929, when credit grew faster than money....

This paper constructs the first repeat sales house price index in United States history before 1950, using data from Baltimore. It shows that house prices fell more during the 1890s and 1930s than existing data indicate. As a result, while previous data suggest most borrowers should have been...

This report offers an introduction to the concept of industrial policy and planning. We will define what it is, where it has worked, and how to do it better — proposing five criteria to evaluate any plans in this space. Unlike generic fiscal and monetary policy, industrial policy is not...

We document two puzzling facts during the 1918–19 influenza outbreak. First, we find no significant differences among US life insurers' profitability before or after 1918. Second, there are fewer insurers in distress after the outbreak. We argue that an increase in insurance demand offset...

This paper explores the hypothesis that the sources of economic and financial crises differ from non-crisis business cycle fluctuations. We employ Markov-switching Bayesian vector autoregressions (MS-BVARs) to gather evidence about the hypothesis on a long annual U.S. sample running from 1890 to...

Who invents? This is a central question to understanding possible barriers to entry in the innovation process. To address it, we match the Annual Report of the Commissioner of Patents from 1870 to 1940 to the corresponding U.S. Federal Population Censuses. This matching procedure provides a rich...

As a result of legal restrictions on branch banking, an extensive interbank system developed in the United States during the 19th century to facilitate interregional payments and flows of liquidity and credit. Vast sums moved through the interbank system to meet seasonal and other demands, but...