Many commentators have attributed the success of Federal Reserve monetary policy during the 1920s to the active use of open market operations to sterilize gold flows and to stabilize aggregate demand. We find, however, that the discount window was "open" during this period, thereby enabling...

Coking coal procurement by Japanese steel firms takes place within a framework of long-term contracts. We specify the determinants of price in a long-term contract and use an econometric model to investigate the effect of transaction-specific capital and market structure on contract price. The...

The Hawaiian Homes Commission Act of 1920 set aside marginal lands for Native Hawaiian homesteads with restrictions on their alienability and use, and funds for their development. The Act preserved all leased government sugar lands for the plantations, and preserved homesteads and federal...

This paper provides a short introduction to the economic history of Hawai'i since 1778. References are provided for readers with interests in particular topics.

The Hawaiian Home Lands program enacted by the U.S. Congress in 1921 placed 200,000 acres of government land in trust for the use of native Hawaiians. This program - now with assets valued at well over $700 million - long ago evolved into a special type of public housing program in which the...

In the mid 1960s there were about 22,000 single-family leasehold homes in Honolulu. Dissatisfaction with leasehold led to reform legislation in 1967, allowing lessees to buy leased land. By 1991 less than 5000 lessees remained. This paper examines why landowners elected to lease rather than sell...

In the mid-1960s 26 percent of the single-family homes in Honolulu were on leased land. Dissatisfaction with leasehold led to reform legislation in 1967, allowing lessees to buy leased land. By 1991 only 3.6 percent of the homes were on leased land. We examine why landowners elected to lease...