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...

Does the concept of General Purpose Technologies help explain periods of faster and slower productivity advance in economies? The paper develops a new comparative data set on the usage of electricity in the manufacturing sectors of the USA, Britain, France, Germany and Japan and proceeds to...

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...

The definition of inequality is complicated and difficult to assess, and there are various means by which it is evaluated. This study uses the now well-accepted measures of body mass, height, and weight to assess inequality’s relationship with current and cumulative net nutrition. Taller...

For Basil Moore and post-Keynesians who have followed him in developing the theory of endogenous money, accommodative central-bank behavior is a logical necessity in credit-money economies. Such central banks have no choice but to accommodate the banking system's demand for liquidity....

This paper assesses the causal impact of greater market access on demographic transition during the latter half of the 19th century in the United States. We construct new measures of fertility changes and measures of railroad access at the county level from 1850 – 1890. We are able to document...

Alternative measures for material conditions are frequently used to evaluate economic welfare during development. The basal metabolic rate and calories are two alternative net nutrition measures that vary by demographics, nativity, residence, and socioeconomic status. During the 19th and early...

When traditional measures for income and wealth are scarce or unreliable, alternative values are effective in measuring nutritional conditions during economic development. This study uses net nutrition and calories to illustrate that during the 19th and early 20th centuries that men required...

The European Marriage Pattern (EMP), in place in NW Europe for perhaps 500 years, substantially limited fertility. But how could such limitation persist when some individuals who deviated from the EMP norm had more children? If their children inherited their deviant behaviors, their descendants...

Recent modern life expectancy improvements rely heavily on medical intervention; however, before the mid-20th century, increased longevity was primarily the result of improved nutrition and less virulent disease environments. Moreover, 19th century health conditions varied by race, especially in...