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2017 PAA Annual Meeting, April 27-29, Chicago

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Russell Sage 2017 Summer Institute in Computational Social Science, June 18-July 1. Application deadline Feb 17.

Russell Sage 2-week workshop on social science genomics, June 11-23, 2017, Santa Barbara

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Mon, Jan 23, 2017 at noon:
Decline of cash assistance and child well-being, Luke Shaefer

Harvests and Financial Crises in Gold Standard America

Publication Abstract

Hanes, C., and Paul W. Rhode. 2013. "Harvests and Financial Crises in Gold Standard America." Journal of Economic History, 73(1): 201-246.

Most American financial crises of the postbellum gold standard era were caused by fluctuations in the cotton harvest due to exogenous factors such as weather. The transmission channel ran through export revenues and financial markets under the pre-1914 monetary regime. A poor cotton harvest depressed export revenues and reduced international demand for American assets, which depressed American stock prices, drained deposits from money center banks and precipitated a business cycle downturn-conditions that bred financial crises. The crises caused by cotton harvests could have been prevented by an American central bank, even under gold standard constraints.

DOI:10.1017/s0022050713000077 (Full Text)

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