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Call for papers: Conference on computational social science, April 2017, U-M

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Next Brown Bag

Mon, Feb 13, 2017, noon:
Daniel Almirall, "Getting SMART about adaptive interventions"

Harvests and Business Cycles in Nineteenth-Century America

Publication Abstract

Davis, Joseph H., Christopher Hanes, and Paul W. Rhode. 2009. "Harvests and Business Cycles in Nineteenth-Century America." Quarterly Journal of Economics, 124(4): 1675-1727.

Most major American industrial business cycles from around 1880 to the First World War were caused by fluctuations in the size of the cotton harvest due to economically exogenous factors such as weather. Wheat and corn harvests did not affect industrial production; nor did the cotton harvest before the late 1870s. The unique effect of the cotton harvest in this period can be explained as an essentially monetary phenomenon, the result of interactions between harvests, international gold flows, and high-powered money demand under America's gold-standard regime of 1879–1914.

DOI:10.1162/qjec.2009.124.4.1675 (Full Text)

Country of focus: United States of America.

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