Home > Publications . Search All . Browse All . Country . Browse PSC Pubs . PSC Report Series

PSC In The News

RSS Feed icon

Thompson says criminal justice policies led to creation of prison gangs like Aryan Brotherhood

Schmitz finds job loss before retirement age contributes to weight gain, especially in men

Kimball says Fed should get comfortable with "backtracking"

Highlights

Overview of Michigan's advanced research computing resources, Monday, June 27, 9-10:30 am, BSRB - Kahn Auditorium

U-M's Data Science Initiative offers expanded consulting services via CSCAR

Elizabeth Bruch promoted to Associate Professor

Susan Murphy elected to the National Academy of Sciences

Next Brown Bag

PSC Brown Bags
will resume fall 2016

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.

Browse | Search : All Pubs | Next