Using evidence from 18th century Paris, we explore how financial intermediaries resolved problems of asymmetric information in financial markets. The Parisian intermediaries were notaries, and after examining their role in asset markets, we develop a more general model of intermediaries'...

Using large samples of estate tax returns, we construct new series on wealth concentration in Paris and France from 1807 to 1994. Inequality increased until 1914 because industrial and financial estates grew dramatically. Then, adverse shocks, rather than a Kuznets-type process, led to a massive...

In the 1860's in France, firms often stopped their production in summer. This paper tests the hypothesis that it can be partially explained by worker mobility between industry and agriculture during summer. Formally, labour supply is modelled as an arbitrage by workers between the two types of...

In this paper we examine the share of the French men who exhibit stunted growth during the course of the 19th century. We use data collected on all men who were called up for possible conscription into the French army with the unit of analysis being the shares of 20 year old men in the...

Using large samples of estate tax returns we construct new series on wealth concentration in Paris and France from 1807 to 1994. Wealth concentration in Paris and in France increased until World War I and then fell abruptly. The rise in inequality prior to WWI accelerated (rather than...

This paper provides estimates of the long-term effects on height and health of a large income shock experienced in early childhood. Phylloxera, an insect that attacks the roots of grape vines, destroyed 40% of French vineyards between 1863 and 1890, causing major income losses among wine growing...