This article is a pioneering exploration of technological change in the U.S. foundry industry from the period of its most dramatic growth through its interwar stagnation and decline. Not only does it describe key changes in the mechanization and reorganization of manufacturing processes that...

This article is a pioneering exploration of technological change in the U.S. foundry industry from the period of its most dramatic growth through its interwar stagnation and decline. Not only does it describe key changes in the mechanization and reorganization of manufacturing processes that...

A central puzzle in international finance is that real exchange rates are volatile and, in stark contradiction to effcient risk-sharing, negatively correlated with cross-country consumption ratios. This paper shows that incomplete asset markets and a low price elasticity of tradables can account...