We use a standard metric from international finance, the currency risk premium, to assess the credibility of fixed exchange rates during the classical gold standard era. Theory suggests that a completely credible and permanent commitment to join the gold standard would have zero currency risk or...

We examine the impact of political connections and accounting quality among Venezuelan industrial firms, which face one of the highest levels of expropriation risk worldwide. Based on prior literature, we expect a negative relationship between expropriation risk and accounting quality as firms...

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 employ a new database of over 21,000 bilateral trade observations from 1870-1913 to assess the contemporaneous effects of empire on trade. Our analysis shows that belonging to an empire roughly doubled trade relative to those countries that were not part of an empire. The use of a common...

We introduce a wrinkle into the study of Congressional roll-call voting by focusing on a period of partisan instability in American History: the Era of Good Feelings. During deviations from normal periods of two-party rule, the dominant model of voting behavior, the ideological model, loses...