Usage of the phrase “modern day slavery” to describe human trafficking, especially sex trafficking, is widespread despite work by numerous scholars and activists to point out how such usage harms attempts to remedy both slavery and trafficking. In order to more clearly recognize the...

In the United States, the term “poll tax” often refers to a very specific tactic of white supremacy: the use of tax policy to prevent voting by Black citizens. While “poll tax” is an accurate descriptor of these taxes, poll taxes have a much more expansive history within the twentieth...

The US Federal Reserve System is conventionally understood as a private-market stabilising institution that has no settled role in supporting the fiscal power of the Treasury. Contra that view, this article argues that the US central bank has always had an extensive fiscal role: building,...

Famed investor Benjamin Graham, author of the bestselling books, Securities Analysis and The Intelligent Investor, is almost universally regarded as the founder of value investing. However, contrary to conventional wisdom, Graham was not the first American to pioneer the principles of value...

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...

Tests of political theories of macroeconomic policy have concentrated on the post-WW2 sample period. These theories are here tested for historical robustness using evidence from the U.S.A. from the period 1880-1948. Although no evidence is found to support the political business cycle...

This paper evaluates the link between the diffusion of electricity and the increase in labour productivity growth in the manufacturing sector during the inter-war period. A comparative analysis of the USA, Britain, Germany, and Japan shows that the trend acceleration in labour productivity is...

This paper presents insights on U.S. business cycle volatility since 1867 de- rived from diffusion indices. We employ a Bayesian dynamic factor model to obtain aggregate and sectoral economic activity indices. We find a remarkable increase in volatility across World War I, which is reversed...

Does the concept of General Purpose Technologies help explain periods of faster and slower productivity advance in economies? The paper develops a new comparative data set on the usage of electricity in the manufacturing sectors of the USA, Britain, France, Germany and Japan and proceeds to...