nep-his New Economics Papers
on Business, Economic and Financial History
Issue of 2020‒03‒16
28 papers chosen by

  1. The Conservative Legacy of Neoliberalism By Martin Beddeleem; Nathanael Colin-Jaeger
  2. Les sphères d’influence dans les régimes monétaires : l’expérience de la Corne de l’Afrique (1860-1950) By AMAN, Moustapha
  3. The Formalistic Pattern Of Soviet Civil Codification As A Chapter In European Legal History By Dmitry Poldnikov
  4. Votes For Women: An Economic Perspective on Women’s Enfranchisement By Carolyn Moehling; Melissa A. Thomasson
  5. Conversionary Protestants do not cause democracy By Nikolova, Elena; Polansky, Jakub
  6. Catedr‡ticos in the making of the Spanish Secondary Education System, 1861-1885 By Pau Insa-S‡nchez
  7. Happy Christmases are all alike; each unhappy Christmas is unhappy in its own way By Vivien Blanchet
  8. Beyond 30: Long-Term Treasury Bond Issuance from 1953 to 1957 By Kenneth D. Garbade
  9. Human Capital and Economic Growth in Japan: 1885–2015 By Fukao, Kyoji; Makino, Tatsuji; Settsu, Tokihiko
  10. La Sociale contre l'Etat providence. Prédation et protection sociale By Philippe Batifoulier; Nicolas da Silva; Mehrdad Vahabi
  11. Monetary policy and the top one percent: Evidence from a century of modern economic history By Mehdi El Herradi; Aurelien Leroy
  12. The controversy over intellectual property in nineteenth-century France: a comparative analysis between Proudhon and Walras By Rémy Guichardaz
  13. ¿Fue la Apertura Comercial la causa del Milagro Argentino? By Jorge C. Ávila
  14. Crisis Chronicles: The Crisis of 1816, the Year without a Summer, and Sunspot Equilibira By Jim Narron; Donald P. Morgan
  15. A simple Ricardo-Malthusian model of population, deforestation and biodiversity loss By Late Lawson; Lawson Late
  16. Crisis Chronicles: The Long Depression and the Panic of 1873 By James Narron; Thomas Klitgaard
  17. Environmental Economics: The 50th Anniversary of the Birth of This Field around the First Earth Day By Don Fullerton
  18. A Method to Construct Geographical Crosswalks with an Application to US Counties since 1790 By Fabian Eckert; Andrés Gvirtz; Jack Liang; Michael Peters
  19. Media Competition and News Diets By Charles Angelucci; Julia Cagé; Michael Sinkinson
  20. The Effect of U.S. Officials’ Visits on Conflict By Kodila-Tedika, Oasis; Khalifa, Sherif
  21. Economic geography aspects of the Panama Canal By Maurer, Stephan; Rauch, Ferdinand
  22. The Final Crisis Chronicle: The Panic of 1907 and the Birth of the Fed By James Narron; Donald P. Morgan
  24. Labour market conflicts in Scandinavia, c. 1900–1938: The scientific need to separate strikes and lockouts By Hamark, Jesper
  25. La Ley de Okun en el Perú: Lima Metropolitana 1971 – 2016 By Cecilia Garavito
  26. Sex Ratio and Religion in Vietnam By Vu, Tien Manh; Yamada, Hiroyuki
  27. Ease vs. noise: Long-run changes in the value of transport (dis)amenities By Ahlfeldt, Gabriel M.; Nitsch, Volker; Wendland, Nicolai
  28. Academic Scholarship in Light of the 2008 Financial Crisis: Textual Analysis of NBER Working Papers By Levy, Daniel; Mayer, Tamir; Raviv, Alon

  1. By: Martin Beddeleem (Aarhus University [Aarhus]); Nathanael Colin-Jaeger (TRIANGLE - Triangle : action, discours, pensée politique et économique - ENS Lyon - École normale supérieure - Lyon - UL2 - Université Lumière - Lyon 2 - IEP Lyon - Sciences Po Lyon - Institut d'études politiques de Lyon - Université de Lyon - UJM - Université Jean Monnet [Saint-Étienne] - CNRS - Centre National de la Recherche Scientifique)
    Abstract: The 1930s and 1940s marked a period of crisis for liberalism. Authors as diverse as Hayek, Röpke, Lippmann, Polanyi and Rougier came together at two founding events, the Walter Lippmann Colloquium in 1938 and the creation of the Mont-Pèlerin Society in 1947, to rethink liberalism. This rethinking of the liberal project led them to establish a diagnosis of the crisis of liberalism, which, for the authors mentioned, goes back to the French Revolution. This article proposes to show the coherence of the neoliberal project from their historical diagnosis in this period of crisis. Indeed, by criticizing the French Revolution and its effects as part of a harmful rationalism, which gave rise to both laissez-faire and various collectivisms, neoliberals explicitly take up concepts from critics of the revolution, especially Edmund Burke. The concept of tradition, understood as covering social and legal rules that have slowly evolved to constitute coordination mechanisms that allow our actions, is thus very largely taken up and valued by neoliberals. We thus interpret neoliberal theory on the basis of this recategorization of the concept of tradition, and point out the affinities of neoliberal positions with philosophical conservatism. This rapprochement reveals several conceptual tensions between cultural evolutionism on the one hand and the defence of substantial Western values on the other.
    Abstract: Les années 1930 et 1940 marquent une période de crise pour le libéralisme. Des auteurs aussi divers que Hayek, Röpke, Lippmann ou encore Polanyi et Rougier se réunissent, lors de deux événements fondateurs, le Colloque Walter Lippmann en 1938 et la création de la Société du Mont Pèlerin en 1947, pour repenser le libéralisme. Cette refonte du projet libéral les pousse à établir un diagnostic relatif à la crise du libéralisme, remontant, pour les auteurs mentionnés, à la Révolution Française. Cet article se propose de montrer la cohérence du projet néolibéral à partir de leur diagnostic historique dans cette période de crise. En effet en critiquant la Révolution Française et ses effets comme participant d'un rationalisme néfaste, ayant donné naissance aussi bien au laissez-faire qu'aux divers collectivismes, les néolibéraux reprennent explicitement des concepts des critiques de la révolution, au premier rang desquels Edmund Burke. Le concept de tradition, compris comme recouvrant des règles sociales et juridiques ayant lentement évoluées de façon à constituer des dispositifs de coordination permettant nos actions, est ainsi très largement repris et valorisé par les néolibéraux. Nous interprétons ainsi la théorie néolibérale à partir de cette recatégorisation du concept de tradition, et pointons les affinités des positions néolibérales avec le conservatisme philosophique. Ce rapprochement fait apparaître plusieurs tensions conceptuelles entre d'une part un évolutionnisme culturel et d'autre part la défense de valeurs occidentales substantielles.
    Keywords: Néoliberalisme,Conservatisme,tradition,Hayek,Röpke
    Date: 2019–10
  2. By: AMAN, Moustapha
    Abstract: Résumé La monnaie est souvent considérée comme un instrument permettant de projeter pouvoir et influence. L’article retrace l’évolution des rapports de force et des hiérarchies monétaires dans la corne de l’Afrique où se sont mêlés les intérêts français, anglais et italiens en lutte d’expansion impériale autour de la mer rouge et en Éthiopie, et où paradoxalement une monnaie autrichienne s’est répandit sans aucune domination politique. L’article souligne le lien étroit existant entre monnaie et géopolitique et défend l'utilisation des notions théoriques d'espace/réseau essentiels tant d’un point de vue conceptuel qu’opérationnel pour l’analyse de rapport entre les acteurs politico-économiques et les relations géostratégiques. Abstract Currency is often seen as an instrument for projecting power and influence. The article traces the evolution of power relations and monetary hierarchies in the Horn of Africa, where French, English and Italian interests mingled in the struggle for imperial expansion around the Red Sea and Ethiopia, and where paradoxically an Austrian currency spread without any political domination. The article underlines the close link between currency and geopolitics and promotes the use of theoretical notions of space/network that are essential from both a conceptual and operational point of view for the analysis of the relationship between political-economic actors and geostrategic relations.
    Keywords: Régime monétaire, Banque centrale, Développement économique, Histoire régionale; monetary regime, Central Bank, Economic development, Regional History
    JEL: B50 E41 E5 E50 N1 N17 N9 O17
    Date: 2018–12
  3. By: Dmitry Poldnikov (National Research University Higher School of Economics)
    Abstract: Many European and even some Russian academics consider Russian legal history to be a series of ruptures. There is some truth to this, and yet the law in east of Eastern Europe is not devoid of continuities which link it with European legal trajectories. This paper examines the pattern of the codification of civil law as one of those links. Russian experience with drafting civil codes goes back to the ‘age of codifications’ and culminates with the ‘normal’ draft Civil Code of the Russian Empire of 1882–1913. After the Bolshevik revolution of 1917, Soviet civil legislation claimed to break away from all continuity with the bourgeois legacy, domestic and foreign. However, even the codification of ‘real socialism’ in the early 1960s reveals notable similarities with the ‘bourgeois’ legal experience. The theoretical concept of the Civil Code of 1964 overlapped with the modern notion of the code during the ‘age of codification’. This similarity was backed up by the positivistic legal scholarship that conceptualized Soviet law as a hierarchical and gapless system of binding norms. This part of the Soviet legal legacy still marks the Russian Civil Code of 1994-2006. Hence, the formalistic pattern of codification remains one of the Soviet relics in contemporary Russian legal style and allows a comparison with other civil law jurisdictions in Europe.
    Keywords: codification; Soviet law; civil code; legal formalism, legal style
    JEL: K10 K11 K12
    Date: 2020
  4. By: Carolyn Moehling; Melissa A. Thomasson
    Abstract: The ratification of the Nineteenth Amendment in 1920 officially granted voting rights to women across the United States. However, many states extended full or partial suffrage to women before the federal amendment. In this paper, we discuss the history of women's enfranchisement using an economic lens. We examine the demand-side, discussing the rise of the women's movement and its alliances with other social movements, and describe how suffragists put pressure on legislators. On the supply side, we draw from theoretical models of suffrage extension to explain why men shared the right to vote with women. Finally, we review empirical studies that attempt to distinguish between competing explanations. We find that no single theory can explain women's suffrage in the US, and note that while the Nineteenth Amendment extended the franchise to women, state-level barriers to voting limited the ability of black women to exercise that right until the Voting Rights Act of 1965.
    JEL: N11 N12
    Date: 2020–02
  5. By: Nikolova, Elena; Polansky, Jakub
    Abstract: In "The Missionary Roots of Liberal Democracy", Robert D. Woodberry (2012) claims that the emergence of stable democracies around the world was influenced by conversionary Protestantism. While Woodberry's historical analysis is exhaustive, the accompanying empirical evidence suffers from severe inconsistencies. We replicate Woodberry's analysis using 26 alternative democracy measures and extend the time period over which the democracy measures are averaged. These two simple modifications lead to the breakdown of Woodberry's results. We find no significant relationship between Protestant missions and the development of democracy, which raises concerns about the robustness and broader applicability of Woodberry's findings. We discuss some alternative explanations for Woodberry's results which we hope can inform future research on this topic.
    Keywords: religion,democracy,economic history,political institutions
    JEL: H11 N40 Z12
    Date: 2020
  6. By: Pau Insa-S‡nchez (Department of Economic Analysis (Area of Economic History and Institutions), Universidad de Val ncia-Estudi General, Spain)
    Abstract: This article provides an overview of the body of secondary education catedr‡ticos in 19th century Spain using the Escalaf—n General de Catedr‡ticos de Instituto de Segunda Ense–anza of years 1861, 1876 and 1885. This new database of more than 1600 individuals allows us to carry out a detailed analysis of the total number of teachers, their years of experience, the subjects they taught and how they were distributed among the different provinces. Beyond the increase in the number of members, the consolidation of this body of teachers was characterized both by its progressive transformation into an elite body of public servants, and by a close relationship with the economic reality of the country.
    Keywords: Secondary education, catedr‡ticos, teachers, Spain
    JEL: N33 N43 I21 I28
    Date: 2020–03
  7. By: Vivien Blanchet (emlyon business school)
    Abstract: The French postal service has been opening a bureau for Father Christmas every winter since 1962. Sixty employees are responsible for responding to letters to Father Christmas. In 2018, more than one million children corresponded with him. But what would happen if someone were to write to Father Christmas, developing a close epistolary relationship with him? This short story explores such a scenario. Pierre M. and Father Christmas have during many years maintained regular and personal correspondence. Yet Father Christmas's attitude seems to have changed. Pierre M. reveals the evolution of their secret relationship to his mysterious friend. On substance, the short story offers an original perspective on modern marketplace mythologies. Previous studies depict myths as liminal spaces in which people negotiate contradictory meanings, practices and realities. The myth of Father Christmas thus involves compromises between ignorance and knowledge, life and death, the sacred and the profane. The short story tells how they evolve to define the identity of the protagonists and the world they live in. It highlights how they are embodied in hybrid artefacts like letters to Father Christmas and extraordinary servicescape. The short story also questions the performative force of the myth. It shows that it results from the interpretative work and ritual practices of the protagonists involved in an unstable actantial system structured around an enlightened person, an ignorant person and a mythical character. This is constantly negotiated throughout sociotechnical interactions, which, as in the case of witchcraft, may or may not realize the myth. On form, the short story adopts the principle of the eternal return inherent to the myth: it is plotted as a series of small variations on recurring themes and structural repetitions. Intertextual references to academic publications, literary tradition and popular culture enrich the narrative by extending it beyond its textual boundaries.
    Keywords: myth,marketplace mythology,discourse,Christmas,Santa Claus,performativity
    Date: 2020–01–10
  8. By: Kenneth D. Garbade (Federal Reserve Bank; Bankers Trust Company)
    Abstract: Ever since ?regular and predictable? issuance of coupon-bearing Treasury debt became the norm in the 1970s, thirty years has marked the outer boundary of Treasury bond maturities. However, longer-term bonds were not unknown in earlier years. Seven such bonds, including one 40-year bond, were issued between 1955 and 1963. The common thread that binds the seven bonds together was the interest of Treasury debt managers in lengthening the maturity structure of the debt. This post describes the efforts to lengthen debt maturities between 1953 and 1957. A subsequent post will examine the period from 1957 to 1965. An extended version of both posts is available here.
    Keywords: Treasury debt management; long-term bonds; U.S. Treasury
    JEL: H6 N2
  9. By: Fukao, Kyoji; Makino, Tatsuji; Settsu, Tokihiko
    Abstract: This study presents growth account for Japan for the 130 years from 1885 to 2015 based on the measurement of labor quality simultaneously taking the effects of education and the allocation of labor across industries into account. The estimation results indicate that, over the 130 years, Japan’s labor productivity rose 46-fold, with increases in the capital-labor ratio accounting for 40 percent of this rise, improvements in labor quality for 35 percent, and TFP growth for 36 percent. Looking at the periods before and after World War II separately, we found that labor productivity growth accelerated substantially in the postwar period and was twice as high as in the prewar period. This difference in labor productivity growth can be explained by differences in the sources of growth: while growth during the prewar period was driven mainly by improvements in labor quality (with a growth contribution of 37 percent), during the postwar period increases in the capital-labor ratio and TFP growth made the largest contribution (38 percent and 35 percent, respectively).
    Date: 2020–02
  10. By: Philippe Batifoulier (CEPN - Centre d'Economie de l'Université Paris Nord - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique - Université Sorbonne Paris Nord); Nicolas da Silva (CEPN - Centre d'Economie de l'Université Paris Nord - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique - Université Sorbonne Paris Nord); Mehrdad Vahabi (CEPN - Centre d'Economie de l'Université Paris Nord - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique - Université Sorbonne Paris Nord)
    Abstract: Ce travail a pour objet de relire l'histoire de l'Etat providence français à la lumière de la théorie d'un Etat prédateur. On oppose une approche de la protection sociale portée par l'Etat où la protection est un instrument de la prédation à une approche qualifiée de « La sociale » dominée par un « citizen welfare » et axée sur un auto gouvernement des individus. L'Etat providence est l'aboutissement de la guerre de masse moderne et la politique sociale (notamment la politique de population) est orientée vers les besoins de la guerre. Cependant bien qu'elle soit en partie le résultat de la guerre, la protection sociale trouve aussi ses racines en France dans l'affirmation d'un bien être porté par les citoyens eux-mêmes et non par l'Etat. Les origines de cette exception française remontent à la commune de 1871 et se poursuivent par la création du régime général de sécurité sociale en 1945/1946. On montrera que toute l'histoire de l'Etat-providence français consiste à se réapproprier le bien-être citoyen autogéré par un processus de réformes engagées à partir de 1947. Ce mouvement d'étatisation du "citizen welfare", en plus de constituer une dépossession du pouvoir politique d'auto-gouvernement des citoyens, s'est accompagné de la marchandisation des politiques sociales.
    Date: 2020–02–21
  11. By: Mehdi El Herradi (University of Bordeaux); Aurelien Leroy (University of Bordeaux)
    Abstract: While a growing line of research has assessed the distributional consequences of monetary policy, most of these studies rely on survey-based estimates of inequality and feature a shorter time coverage. This paper examines the distributional implications of monetary policy on top income shares in 12 advanced economies between 1920 and 2015. We exploit the implications of the macroeconomic policy trilemma with an external instrument approach to identify exogenous variations in monetary conditions. The obtained results indicate that contractionary monetary policy strongly decreases the share of national income held by the top one percent and vice versa, irrespective of the state of the economy. Our findings also suggest that the effect of monetary tightening on top income shares is likely to be channeled via lower asset prices.
    Keywords: Monetary policy, Top income shares, Macroeconomic Policy Trilemma, External Instrument.
    JEL: E25 E42 E52
    Date: 2020–01
  12. By: Rémy Guichardaz (BETA - Bureau d'Économie Théorique et Appliquée - INRA - Institut National de la Recherche Agronomique - UNISTRA - Université de Strasbourg - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique)
    Abstract: The debate over intellectual property in nineteenth-century France was structured as follows: liberal economists advocated a system of perpetual intellectual property rights, while socialist thinkers called for their total abolition. Between these two extremes, other economists supported a temporary form of intellectual property: in particular, Pierre-Joseph Proudhon and Léon Walras both converged towards this third solution. This article shows that they in fact provide two different analyses of intellectual property rights, which partly overlap with positions in current debates in innovation studies.
    Keywords: copyright,Intellectual property,Walras (Léon),Proudhon (Pierre-Joseph)
    Date: 2020
  13. By: Jorge C. Ávila
    Abstract: El modelo agro-exportador, que supone un régimen de libre comercio, y el milagro económico de fines del siglo XIX están firmemente asociados en la literatura y en las nociones establecidas de la sociedad argentina. Queda incluso la impresión de que la causa del milagro económico fue el libre comercio. Si bien el Tratado Anglo-Argentino, que rigió entre 1825 y 1930, facilitó el proceso de inversión y crecimiento económico, el giro político que se consolidó a partir de 1852 habría sido su causa específica. En otras palabras, el giro político habría sido la condición necesaria del milagro económico, en tanto que la suma del giro político y el Tratado Anglo-Argentino habría sido la condición suficiente.
    JEL: N16 N76
    Date: 2020–02
  14. By: Jim Narron; Donald P. Morgan
    Abstract: In 1815, England emerged victorious after what had been nearly a quarter century of war with France. And during those years, encouraged by high prices and profits, England greatly expanded its agricultural and industrial capacity in terms of land and new machinery, with these activities often financed on credit. Improved harvests from 1812 to 1815 coincided with an export market boom in 1814, as the continent began to reopen for trade and speculation in South America increased. But the speculation turned to frenzy compared to the boom of 1810 as everything that could be shipped was shipped?until the speculation broke. The crisis started first with farmers and landlords, spread to business and industry, and was followed by mass starvation on the continent. In this edition of Crisis Chronicles, we recount the Crisis of 1816, the Year without a Summer, and the idea of Sunspot Equilibria.
    Keywords: poverty year; crisis of 1816; sunspot equilibrium
    JEL: E2
  15. By: Late Lawson (BETA, CNRS, INRAE & University of Strasbourg); Lawson Late
    Abstract: This paper assesses the interactions between human societies and nature, arguing that population growth and forest resources harvest cause natural habitat conversion, which resolves into biodiversity loss. Relying on profit and utility maximization behaviours, we describe the joint evolution of population, forest and species stock by a dynamic system characterized by a locally stable steady state. Compared to existing studies, we enlighten the possibility of total extinction of biological species (empty forests). Furthermore, our analysis supports an impossible peaceful cohabitation, as in presence of human population growth, forest resources and species stock diverge from their carrying capacity. Finally, scenarios analyses associated with high fertility and preference for the resource-based good globally indicate rapid population growth followed by a sudden drop.
    Keywords: Economic growth, Population, Forest clearing, Habitat destruction, Species loss
    JEL: Q32 Q57 R11
  16. By: James Narron (Executive Office); Thomas Klitgaard
    Abstract: It always seemed to come down to railroads in the 1800s. Railroads fueled much of the economic growth in the United States at that time, but they required that a great deal of upfront capital be devoted to risky projects. The panics of 1837 and 1857 can both be pinned on railroad investments that went awry, creating enough doubt about the banking system to cause pervasive bank runs. The fatal spark for the Panic of 1873 was also tied to railroad investments?a major bank financing a railroad venture announced that it would suspend withdrawals. As other banks started failing, consumers and businesses pulled back and America entered what is recorded as the country?s longest depression.
    Keywords: Financial panic crisis long Depression Jay Cook 1873 inflation bill
    JEL: N2 G2
  17. By: Don Fullerton
    Abstract: How was the birth of “Environmental Economics” related to the first Earth Day fifty years ago (April 22, 1970)? This short note introduces some ideas about an amazing burst of intellectual activity from 1968 to 1974. Environmental economics was not a field of economics before this brief period, but the main field journal was up and running by the end of it. This note on “environmental economics” will be published in the forthcoming “Earth 2020: An Insider’s Guide to a Rapidly Changing Planet” by Philippe D. Tortell (Cambridge: Open Book Publishers), along with a score of other notes about the fifty years of progress on air pollution, water, climate, oceans, fish, land, forest, biodiversity, plastics, contaminants, space junk, geo-engineering, media, law, and politics.
    Keywords: environment, policy, climate, Earth Day
    JEL: Q20 Q30 Q40 Q50
    Date: 2020
  18. By: Fabian Eckert; Andrés Gvirtz; Jack Liang; Michael Peters
    Abstract: Empirical researchers often have to map data provided for a "reporting" spatial unit, say counties in 1900, to a "reference" one, say, counties in 2010. We discuss a general method to create such crosswalks: computing the share of the area of each reporting unit nested in a given reference unit. Using these shares, data can be re-aggregated from the reporting to the reference units. We apply the method to construct a crosswalk for US county-level data since 1790 to present-day counties or commuting zones. We also provide the code to generate other crosswalks given maps of reporting and reference units.
    JEL: A1 N11
    Date: 2020–02
  19. By: Charles Angelucci; Julia Cagé; Michael Sinkinson
    Abstract: News media operate in two-sided markets, offering bundles of content to readers as well as selling readers' attention to advertisers. Technological innovations in content delivery, such as the advent of broadcast television or of the Internet, affect both sides of the market, threatening the basic economic model of print news operations. We examine how the entry of television affected local newspapers as well as consumer media diets in the United States. We develop a model of print media and show that entry of national television news could adversely affect the provision of local news. We construct a novel dataset of U.S. newspapers' economic performance and content choices from 1944 to 1964. Our empirical strategy exploits quasi-random variation in the timing of the entry of television in different markets. We show that the entry of television was a negative shock for newspapers, particularly evening newspapers, in both the readership and advertising markets. Further, we find a drop in the total quantity of news printed, in particular original reporting, raising concerns about the provision of local news.
    JEL: D4 L11 L15 M37 N72
    Date: 2020–02
  20. By: Kodila-Tedika, Oasis; Khalifa, Sherif
    Abstract: This paper examines the effect of the number of visits by U.S. Presidents and Secretaries of State to the country on civil conflict. To achieve our objective, we compile novel variables that indicate the number of official visits from 1960-2017 derived from the historical archives of the U.S. State Department. To deal with potential endogeneity, we introduce novel instrumental variables for the number of official visits variables, namely aviation safety and capital distance. The 2SLS estimations provide evidence that the visits by U.S. officials to the country have a statistically significant positive effect on the onset of conflict. This indicates that the visits by U.S. officials induce the insurgents to engage in armed conflict with the incumbent government that is perceived as a stooge of the United States.
    Keywords: Conflict, Executive, Leaders’ Foreign Travel
    JEL: D74 H11
    Date: 2020–03–03
  21. By: Maurer, Stephan; Rauch, Ferdinand
    Abstract: This paper studies how the opening of the Panama Canal in 1914 changed market access and influenced the economic geography of the United States. We compute shipment distances with and without the canal from each US county to each other US county and to key international ports and compute the resulting change in market access. We relate this change to population changes in 20-year intervals from 1880 to 2000. We find that a 1 percent increase in market access led to a total increase of population by around 6 percent. We compute similar elasticities for wages, land values and immigration from out of state. When we decompose the effect by industry, we find that tradable (manufacturing) industries react faster than nontradable (services), with a fairly similar aggregate effect
    Keywords: Panama Canal; trade shock; gravity
    JEL: F10 R00 O10 N72
    Date: 2019–07
  22. By: James Narron (Executive Office); Donald P. Morgan
    Abstract: The panic of 1907 was among the most severe we?ve covered in our series and also the most transformative, as it led to the creation of the Federal Reserve System. Also known as the ?Knickerbocker Crisis,? the panic of 1907 shares features with the 2007-08 crisis, including ?shadow banks? in the form high-flying, less-regulated trusts operating beyond the safety net of the time, and a pivotal ?Lehman moment? when Knickerbocker Trust, the second-largest trust in the country, was allowed to fail after J.P. Morgan refused to save it.
    Keywords: banking panic; shadow banks; panic of 1907; Federal Reserve; jekyll island
    JEL: G1 G2 N2
  23. By: Radu-Mihai OANTA ("CAROL I" National Defense University, Bucharest, Romania); Toma PLESANU ("Nicolae Balcescu" Land Forces Academy, Sibiu, Romania); Gheorghe MARCU ("CAROL I" National Defense University, Bucharest, Romania)
    Abstract: In the current environment, subject to permanent change and sometimes hostile factors, an individual would find it very difficult, if not altogether impossible, to preserve his/her material and spiritual welfare without possessing adequate knowledge. Organizations constantly face a state of fierce competition, therefore insufficient knowledge or its erroneous application may result in disastrous consequences, eventually resulting in decline and disintegration. The aim of the preset paper is to make a historiographical analysis of knowledge interrogation. The aspects and role of knowledge are related chronologically, following the directions set by the researchers in the field.
    Keywords: knowledge, epistemology, data, information processing, knowledge interrogation
    Date: 2019–11
  24. By: Hamark, Jesper (Department of Economic History, School of Business, Economics and Law, Göteborg University)
    Abstract: Research on labour markets conflicts has come a long way. Today we know that conflicts vary over business cycles and with the design of labour market institutions; they tend to cluster around wars and return in longer waves; certain branches are affected by conflicts more than others, and conflicts in the last couple of decades have been feminised and tertiarised. Yet we could do better. With few exceptions quantitative studies are about conflicts, that is, strikes and lockouts in amalgamation. Analytically separating strikes and lockouts has the potential of shedding new light on several debates of historical and theoretical importance. While the distinction between the two types of conflicts has general implications, in this paper I make specific references to the three Scandinavian countries, namely Denmark, Norway and Sweden. Employers and employees struggle over influence and division of income. Occasionally the two parties use, or threaten to use, their respective tools: the lockout and the strike. The day the scientific community decides to treat employers and employees as a single entity, we should also do the same with lockouts and strikes. But not before.
    Keywords: Lockouts; strikes; labour market conflicts; cross-country comparisons; strike methodology; Scandinavia
    JEL: J50 J51 J52
    Date: 2020–03–02
  25. By: Cecilia Garavito (Departamento de Economía de la Pontificia Universidad Católica del Perú)
    Abstract: El objetivo de este artículo es estimar el coeficiente de Okun para Lima Metropolitana en el periodo 1971 – 2016. Lo hacemos por medio de dos versiones: la ecuación en brechas con respecto al producto potencial y a la tasa de desempleo natural; y la relación entre cambios en la tasa de desempleo y cambios en el producto no primario. Estimamos también ecuaciones distintas en el auge y en la recesión para ver si los coeficientes son asimétricos tal como se plantea en parte de la literatura sobre el tema. Con datos de la Encuesta de Niveles de Empleo para Lima Metropolitana y de la Encuesta Nacional de Hogares, estimamos un coeficiente de Okun de -0.00009; asimismo encontramos que aun cuando el coeficiente es menor en el auge que en la recesión, no existe una diferencia estadísticamente significativa entre ambos coeficientes. Finalmente, las razones de este coeficiente tan bajo están asociadas al comportamiento de la fuerza laboral, a los cambios en las leyes laborales, y a la débil relación entre el producto y el empleo, aun para empresas de 100 y más trabajadores. JEL Classification-JEL: E23, J08
    Keywords: desempleo, producto bruto interno, empleo, mercado de trabajo, ley de Okun
    Date: 2019
  26. By: Vu, Tien Manh; Yamada, Hiroyuki
    Abstract: We examine whether the probability of having a boy aged below 5 years in households and communes is associated with religious individuals in Vietnam using data from the 1999 Population and Housing Census (on 76 million people) and 2007 Establishment Census (on religious establishments). Our results show low probability of having a boy aged below 5 years among religious households. Moreover, using Vietnam’s 1955–1974 North-South division that resulted in different religious developments, we apply a commune-level instrumental-variable approach. From this analysis, we find a higher serious follower ratio associated with a lower boy ratio within communes and certain non-believer communities.
    Keywords: Sex Ratio; Skewed Sex Ratio at Birth; Religion; Son Preference; Vietnam
    JEL: J13 J16 N35 Z1
    Date: 2020–02–28
  27. By: Ahlfeldt, Gabriel M.; Nitsch, Volker; Wendland, Nicolai
    Abstract: For a complete cost-benefit analysis of durable infrastructures, it is important to understand how the value of non-market goods such as transit time and environmental quality changes as incomes rise in the long-run. We use difference-in-differences and spatial differencing to estimate the land price capitalization effects of metro rail in Berlin, Germany today and a century ago. Over this period, the negative implicit hedonic price of rail noise tripled. Our results imply income elasticities of the value of noise reduction and transport access of 2.2 and 1.4, substantially exceeding cross-sectional contingent valuation estimates.
    Keywords: Accessibility,spatial differencing,noise,difference-in-differences,income elasticity,land price
    JEL: R12 R14 R41 N73 N74
    Date: 2019
  28. By: Levy, Daniel; Mayer, Tamir; Raviv, Alon
    Abstract: Textual analysis of the NBER Working Papers published during 1999–2016 is done to assess the effects of the 2007–2009 crisis on the academic literature. The volume of crisis-related WPs is counter-cyclical, lagging the financial-instability-index. WPs by the Monetary-Economics, Asset-Pricing, and Corporate-Finance program members, hardly refer to “crisis/crises” in the pre-crisis period. As the crisis develops, however, their study-efforts of crisis-related issues increase rapidly, focusing on the links between ‘Repo-and-Securitization’ and the crisis. In contrast, WPs in macroeconomics-related programs refer extensively to “crisis/crises” in the pre-crisis period. These WPs abandon topics of ‘Sudden-Stop’ and ‘Emerging-Markets’ as the crisis developed.
    Keywords: 2008 Financial Crisis, Financial Crises, Textual Analysis, LDA Topic Modeling, Securitization, Repo, Sudden Stop
    JEL: A10 A23 C55 E0 E20 E30 E44 E58 E60 F33 F34 F40 F44 F45 F62 F65 G01 G12 G13 G14 G15 G18 G20 G21 G22 G23 G24 G28 G32 G38 K22 L51 M0 N20 Z13
    Date: 2020–02–23

General information on the NEP project can be found at For comments please write to the director of NEP, Marco Novarese at <>. Put “NEP” in the subject, otherwise your mail may be rejected.
NEP’s infrastructure is sponsored by the School of Economics and Finance of Massey University in New Zealand.