In 1871-73, newly unified Germany adopted the gold standard, replacing the silver-based currencies that had been prevalent in most German states until then. The reform sparked a series of steps in other countries that ultimately ended global bimetallism, id est, a near-universal fixed exchange...

This paper examines the role of currency and banking in the German financial crisis of 1931 for both Germany and the U.S. We specify a structural dynamic factor model to identify financial and monetary factors separately for each of the two economies. We find that monetary transmission through...

German reunication was a positive market access shock for both East and West Germany. Regions that for 45 years had experienced a decline in population due to their loss in market access following the division of Germany of WWII were most strongly affected by this positive shock. We use an...