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Persistent link: https://www.econbiz.de/10008811071
This paper assesses the validity of comparisons between the current financial crisis and past crises in the United States. We highlight aspects of two National Banking Era crises (the Panic of 1873 and the Panic of 1907) that are relevant for comparison with the Panic of 2008. In 1873,...
Persistent link: https://www.econbiz.de/10013139392
Persistent link: https://www.econbiz.de/10014047560
This paper provides quantitative evidence on interbank transmission of financial distress in the Panic of 1907 and ensuing recession. Originating in New York City, the panic led to payment suspensions and emergency currency issuance in many cities. Data on the universe of interbank connections...
Persistent link: https://www.econbiz.de/10014287370
Stock market volatility was extremely high during the Great Depression relative to any other period in American history …-Nielsen and Shephard (2004) test for jumps in financial time-series. These jumps coincided with periods when stock volatility was … high as the arrival of new information about the uncertain future drove both the record stock volatility and the record …
Persistent link: https://www.econbiz.de/10013057225
intertemporal price. The model space is limited to stochastic volatility (SV) in the errors of the MS-BVARs. Of the 15 MS …
Persistent link: https://www.econbiz.de/10013007877
This paper constructs the first repeat sales house price index in United States history before 1950, using data from Baltimore. It shows that house prices fell more during the 1890s and 1930s than existing data indicate. As a result, while previous data suggest most borrowers should have been...
Persistent link: https://www.econbiz.de/10012851697
intertemporal price. The model space is limited to stochastic volatility (SV) in the errors of the MS-BVARs. Of the 15 MS …
Persistent link: https://www.econbiz.de/10013078965
economies? The paper develops a new comparative data set on the usage of electricity in the manufacturing sectors of the USA …
Persistent link: https://www.econbiz.de/10010252126
Expected inflation is a central variable in economic theory. Economic historians have estimated historical inflation expectations for a variety of purposes, including studies of the Fisher effect, the debt deflation hypothesis, central bank credibility, and expectations formation. I survey the...
Persistent link: https://www.econbiz.de/10012989845