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Full-Text Articles in Economic History

Pegxit Pressure: Evidence From The Classical Gold Standard, Kris James Mitchener, Gonçalo Pina Nov 2016

Pegxit Pressure: Evidence From The Classical Gold Standard, Kris James Mitchener, Gonçalo Pina

Economics

We develop a simple model that highlights the costs and benefits of fixed exchange rates as they relate to trade, and show that negative export-price shocks reduce fiscal revenue and increase the likelihood of an expected currency devaluation. Using a new high-frequency data set on commodity-price movements from the classical gold standard era, we then show that the model’s main prediction holds even for the canonical example of hard pegs. We identify a negative causal relationship between export-price shocks and currency-risk premia in emerging market economies, indicating that negative export-price shocks increased the probability that countries abandoned their pegs.


Economic Growth And Recovery In The United States, 1919-1941, Alexander J. Field May 2013

Economic Growth And Recovery In The United States, 1919-1941, Alexander J. Field

Economics

The first part of this chapter provides an overview of what lay behind record productivity growth in the US economy between 1929 and 1941. The second part considers the role of rigidities and other negative supply conditions in worsening the downturn and slowing recovery. While arguing consistently that the overarching explanation of the Great Depression will and should continue to emphasise a collapse and slow revival in the growth of aggregate demand, the chapter spends relatively little time on what drives this. The emphasis of the chapter is on aggregate supply—both the broad array of positive shocks that propelled ...


Land Ordinances, Alexander J. Field Jan 2003

Land Ordinances, Alexander J. Field

Economics

As European influence extended across the oceans, all regions of recent settlement faced the challenge of devising means for distributing, by sale, lease, or grant, lands originally held or used by aboriginal populations, and at the same time defining the political relationship between the frontier and the existing states. One of the most sweeping instances of legislation addressing this issue took place in the early years of the United States where, in exchange for the cession of claims on western lands by the original thirteen states, the federal government under the Articles of Confederation agreed to convert the public domain ...