We use the demise of silver-based standards in the 19th century to explore price dynamics when a commodity-based money ceases to function as a global unit of account. We develop a general equilibrium model of the global economy with gold and silver money. Calibration of the model shows that...

We study the impact of the 1918 Spanish Flu on U.S. stock prices. Using a new weekly hand collected sample of 136 firms that traded on the NYSE, we examine the impact of the four waves of the flu on stock returns using panel regressions. The second and fourth wave of the pandemic significantly...

We use the demise of silver-based standards in the 19th century to explore price dynamics when a commodity-based money ceases to function as a global unit of account. We develop a general equilibrium model of the global economy with gold and silver money. Calibration of the model shows that...

We study the impact of the 1918 Spanish Flu on U.S. stock returns. We use a new weekly hand collected sample of 136 firms that traded on the NYSE and new mortality data to assess the impact of four waves of the flu on stock returns. We find that the second and fourth waves of the pandemic...

We study the impact of the 1918 Spanish Flu on U.S. stock prices. We use the death rate to control for the impact of the global pandemic and war news reported in the New York Times to capture the positive effects of the end of World War I on stock prices. Using a new weekly hand collected NYSE...

The coronavirus pandemic in 2020 was the most devastating worldwide health threat since the 1918-1919 Spanish flu. Panel regression analysis for ten countries suggests that European and US stock markets reacted significantly, and negatively, to the surging death rates that were seen during the...

China's growing importance to the Australian economy has been well recognized in policy circles but remained relatively untested in formal empirical analysis. This paper examines the reactions of Australian macroeconomic variables to Chinese money growth and inflation over the post-2002 period...