When Washington Shut Down Wall Street unfolds like a mystery story. It traces Treasury Secretary William Gibbs McAdoo's triumph over a monetary crisis at the outbreak of World War I that threatened the United States with financial disaster. The biggest gold outflow in a generation imperiled...

The beginnings of central bank cooperation: Tokyo and London, 1895-1914 -- World war and globalization -- Japan emerges as an international creditor, 1915-1918 -- Postwar alignment -- Wall street discovers Japan, Spring 1920 -- Putting the program into action, 1920-1928 -- Making a market:...

"The Recession of 1937-38 is often cited as illustrating the dangers of withdrawing fiscal and monetary stimulus too early in a weak recovery. Yet our understanding of this severe downturn is incomplete: existing studies find that changes in fiscal policy were small in comparison to the...