Rockoff.Rutgers.US.Grad.Spring2014
Total Page：16
File Type：pdf, Size：1020Kb
Load more
Recommended publications
-
Karl Brunner and UK Monetary Debate
Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board, Washington, D.C. Karl Brunner and U.K. Monetary Debate Edward Nelson 2019-004 Please cite this paper as: Nelson, Edward (2019). \Karl Brunner and U.K. Monetary Debate," Finance and Economics Discussion Series 2019-004. Washington: Board of Governors of the Federal Reserve System, https://doi.org/10.17016/FEDS.2019.004. NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminary materials circulated to stimulate discussion and critical comment. The analysis and conclusions set forth are those of the authors and do not indicate concurrence by other members of the research staff or the Board of Governors. References in publications to the Finance and Economics Discussion Series (other than acknowledgement) should be cleared with the author(s) to protect the tentative character of these papers. Karl Brunner and U.K. Monetary Debate Edward Nelson* Federal Reserve Board November 19, 2018 Abstract Although he was based in the United States, leading monetarist Karl Brunner participated in debates in the United Kingdom on monetary analysis and policy from the 1960s to the 1980s. During the 1960s, his participation in the debates was limited to research papers, but in the 1970s, as monetarism attracted national attention, Brunner made contributions to U.K. media discussions. In the pre-1979 period, he was highly critical of the U.K. authorities’ nonmonetary approach to the analysis and control of inflation—an approach supported by leading U.K. Keynesians. In the early 1980s, Brunner had direct interaction with Prime Minister Margaret Thatcher on issues relating to monetary control and monetary strategy. -
Robert Fogel Interview
RF Winter 07v43-sig3-INT 2/28/07 11:13 AM Page 44 INTERVIEW Robert Fogel In the early 1960s, few economic historians engaged RF: I understand that your initial academic interests in rigorous quantitative work. Robert Fogel and the were in the physical sciences. How did you become “Cliometric Revolution” he led changed that. Fogel interested in economics, especially economic history? began to use large and often unique datasets to test Fogel: I became interested in the physical sciences while some long-held conclusions — work that produced attending Stuyvesant High School, which was exceptional in some surprising and controversial results. For that area. I learned a lot of physics, a lot of chemistry. I had instance, it was long believed that the railroads had excellent courses in calculus. So that opened the world of fundamentally changed the American economy. science to me. I was most interested in physical chemistry and thought I would major in that in college, but my father said Fogel asked what the economy would have looked that it wasn’t very practical and persuaded me to go into like in their absence and argued that, while important, electrical engineering. I found a lot of those classes boring the effect of rail service had been greatly overstated. because they covered material I already had in high school, so it wasn’t very interesting and my attention started to drift elsewhere. In 1945 and 1946, there was a lot of talk about Fogel then turned to one of the biggest issues in all whether we were re-entering the Great Depression and the of American history — antebellum slavery. -
Slave Breeding
DIVISION OF THE HUMANITIES AND SOCIAL SCIENCES CALIFORNIA INSTITUTE OF TECHNOLOGY PASADENA. CALIFORNIA 91125 SLAVE BREEDING Richard Sutch California Institute of Technology University of California, Berkeley An article prepared for the Dictionary of Afro-American Slavery, Randall M. Miller and John David Smith, eds. Greenwood Press, 1986 SOCIAL SCIENCE WORKING PAPER 593 January 1986 ABSTRACT This paper reviews the historical work on slave breeding in the ante-bellum United States. Slave breeding consisted of interference in the sexual life of slaves by their owners with the intent and result of increasing the number of slave children born. The weight of evidence suggests that slave breeding occurred in sufficient force to raise the rate of growth of the American slave population despite evidence that only a minority of slaveowners engaged in such practices. 2 issue of slave breeding, but if the subject was mentioned these historians took the position that the practice did not exist. Winfield Collins, writing in 1904, was the first historian to discuss the SLAVE BREEDING subject in any detail. He rejected the idea that planters Richard Sutch intentionally raised slaves for sale. Instead he suggested that most California Institute of Technology slave sales were forced by exigencies such as bankruptcy of their Contemporary opponents of Afro-American slavery accused southern owners. Collins also presented a calculation designed to show that slave owners, particularly those of the upper South, of deliberately raising slaves would not have been a profitable business considering breeding slaves for the market. The charge was often intended to the price of slaves and the cost of maintaining them. -
Deirdre Mccloskey Bio Ziliak Chicago Econ 2010
25 Deirdre N. McCloskey Stephen T. Ziliak ‘I try to show that you don’t have to be a barbarian to be a Chicago School economist.’ That, in her own words, is Deirdre McCloskey’s main – though she thinks ‘failed’ – con- tribution to Chicago School economics (McCloskey 2002). Donald Nansen McCloskey (1942–) was born in Ann Arbor, Michigan and raised in Cambridge, Massachusetts. Donald changed gender in 1995, from male to female, becoming Deirdre (McCloskey 1999). She is the oldest of three children born to Helen Stueland McCloskey and the late Robert G. McCloskey. Her father, whose life was cut short by a heart attack, was in Deirdre’s youth a tenured professor of government at Harvard University. He was fl uent in the humanities as much as in law and social science; Joseph Schumpeter and the writer W.H. Auden were his personal friends and coff ee break mates. Helen’s passion was in poetry and opera. She did not deny the chil- dren the values and joys of intellectual and artistic life pursuits – ’burn always with a gem- like fl ame’, she told Deirdre and the others. (Books were all over the McCloskey household: each child was supplied with a personal library.) Cambridge and family con- spired to make Deirdre into a professor by, Deirdre fi gures, ‘about age fi ve’ (McCloskey 2002). She read widely, but especially in history and literature. Yet like most professors, she stumbled in her early years. At age 10, for example, she understood that her father was the author of a fi ne new book but she was not sure if his book was Make Way for Ducklings or Blueberries for Sal; actually, the book was American Conservatism in the Age of Enterprise, by the other Robert McCloskey (1951). -
Federal Reserve Structure, Economic Ideas, and Monetary and Financial Policy
NBER WORKING PAPER SERIES FEDERAL RESERVE STRUCTURE, ECONOMIC IDEAS, AND MONETARY AND FINANCIAL POLICY Michael D. Bordo Edward S. Prescott Working Paper 26098 http://www.nber.org/papers/w26098 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 July 2019 We would like to thank Al Broaddus, Doug Evanoff, Owen Humpage, Tom Humphrey, Loretta Mester, Ed Prescott, Ellis Tallman, and David Wheelock for helpful comments. The views expressed in this essay are those of the authors and not necessarily those of the Federal Reserve Bank of Cleveland, the Federal Reserve System, or the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2019 by Michael D. Bordo and Edward S. Prescott. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Federal Reserve Structure, Economic Ideas, and Monetary and Financial Policy Michael D. Bordo and Edward S. Prescott NBER Working Paper No. 26098 July 2019 JEL No. B0,E58,G28,H1 ABSTRACT The decentralized structure of the Federal Reserve System is evaluated as a mechanism for generating and processing new ideas on monetary and financial policy. The role of the Reserve Banks starting in the 1960s is emphasized. The introduction of monetarism in the 1960s, rational expectations in the 1970s, credibility in the 1980s, transparency, and other monetary policy ideas by Reserve Banks into the Federal Reserve System is documented. -
The Integration of Economic History Into Economics
Cliometrica https://doi.org/10.1007/s11698-018-0170-8 ORIGINAL PAPER The integration of economic history into economics Robert A. Margo1 Received: 28 June 2017 / Accepted: 16 January 2018 Ó Springer-Verlag GmbH Germany, part of Springer Nature 2018 Abstract In the USA today the academic field of economic history is much closer to economics than it is to history in terms of professional behavior, a stylized fact that I call the ‘‘integration of economic history into economics.’’ I document this using two types of evidence—use of econometric language in articles appearing in academic journals of economic history and economics; and publication histories of successive cohorts of Ph.D.s in the first decade since receiving the doctorate. Over time, economic history became more like economics in its use of econometrics and in the likelihood of scholars publishing in economics, as opposed to, say, economic history journals. But the pace of change was slower in economic history than in labor economics, another subfield of economics that underwent profound intellec- tual change in the 1950s and 1960s, and there was also a structural break evident for post-2000 Ph.D. cohorts. To account for these features of the data, I sketch a simple, overlapping generations model of the academic labor market in which junior scholars have to convince senior scholars of the merits of their work in order to gain tenure. I argue that the early cliometricians—most notably, Robert Fogel and Douglass North—conceived of a scholarly identity for economic history that kept the field distinct from economics proper in various ways, until after 2000 when their influence had waned. -
Two Appreciations
This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Strategic Factors in Nineteenth Century American Economic History: A Volume to Honor Robert W. Fogel Volume Author/Editor: Claudia Goldin and Hugh Rockoff, editors Volume Publisher: University of Chicago Press Volume ISBN: 0-226-30112-5 Volume URL: http://www.nber.org/books/gold92-1 Conference Date: March 1-3, 1991 Publication Date: January 1992 Chapter Title: Two Appreciations Chapter Author: Stanley L. Engerman, Donald N. McCloskey Chapter URL: http://www.nber.org/chapters/c6956 Chapter pages in book: (p. 9 - 25) Two Appreciations Stanley L. Engerman Donald N. McCloskey Stanley L. Engerman Robert William Fogel: An Appreciation by a Coauthor and Colleague Sometime in either late 1974 or 1975 I ran across a friend who had just seen a Hollywood musical. It was in the genre of the complications of song-writing partners for whom output required some joint contributions and interactions. This led him to wonder what scholarly work under similar circumstances was like, since both activities were done frequently by individuals but collabora- tions occurred with sufficient frequency that they were not unusual. In partic- ular, he wondered how Bob and I had begun working together and what was the nature of the input on Time on the Cross and our dealing with the related conferences and responses. I doubt if I fully answered his queries-some things are more easily done than described-but, in reflecting on this encoun- ter, certain aspects of our working together did come to mind. -
1 Milton Friedman's Monetary Economics and the Quantity-Theory
1 Milton Friedman’s Monetary Economics and the Quantity-Theory Tradition James R. Lothian* Fordham University April 2009, D. 5. Abstract: This article provides a selective review of Milton Friedman’s contributions to monetary economics focusing on five areas in particular: the demand for money, the joint historical and empirical work with Anna J. Schwartz, the theoretical and empirical analyses of the Phillips Curve, monetary policy and monetary dynamics. JEL Classifications: B22, E20, E30, E40, E50. Keywords: Friedman, macroeconomics, money, inflation, monetary policy, quantity theory, monetarism. * Fordham University, 113 West 60th Street, New York, NY 10023, USA. Tel. 1 212 636-6147; Fax 1 212 765-5573; email [email protected] 1. Introduction Milton Friedman taught at the University of Chicago from shortly after WWII to 1977 in an economics department that was unparalleled for its scholarly achievement. Nine Nobel prizing winning economists, including Friedman himself, graced the halls of that university at various points during Friedman’s tenure there – six in the economics department, one in the committee on social thought, one in the school of business and one in the law school. Many of the non- Nobelist economists, had they been at any other major university probably would have been ranked among the brightest and most productive members of their faculties. Milton Friedman was a, and perhaps the, major reason for the success of that group. He in many ways set the tone, not just as a researcher, but also as a colleague and teacher. He was an overwhelming intellectual force. On top of that he worked exceptionally hard. -
December 1999
May 2021 CURRICULUM VITAE RICHARD E. WAGNER Office Address: Department of Economics–3G4 George Mason University Fairfax, Virginia 22030 Email: [email protected] Home Page: http://mason.gmu.edu/~rwagner Birth: 28 April 1941; Jamestown, North Dakota Family Status: Married, two grown daughters (four grandchildren) Education: B.S. University of Southern California, 1963 Ph.D. University of Virginia, 1966 ORCID #: 0000-0001-8567-5776 Professional Positions: 1966-68 Assistant Professor of Economics, University of California, Irvine 1968-72 Associate Professor of Economics, Tulane University 1972-73 Senior Research Associate, The Urban Institute 1973-79 From Associate Professor (1973-75) to Professor (1975-79) of Economics, Virginia Polytechnic Institute and State University 1978-79 Visiting Professor of Economics, University of Konstanz 1979-81 Professor of Economics, Auburn University 1981-88 Professor of Economics, Florida State University 1988- Holbert L. Harris Professor of Economics, George Mason University 1989-95 Chairman, Department of Economics 1998-2004 Director of Graduate Studies 2006-2012 Director of Graduate Studies 2004, 2009, 2016 Visiting Professor, University of Rome “La Sapienza” 11 Listed in The Templeton Honor Roll for Education in a Free Society Listed in Who’s Who, various versions and editions Professional Editorial Activities (selected): 1974-78 Book Review Editor, Public Choice 1981-84 Editorial Board, Policy Studies Journal 1984-92 Editorial Board, Cato Journal 1989-97 Editor, Constitutional Political Economy 1990-2003 -
Expert Report of G. William Schwert
FILED: NEW YORK COUNTY CLERK 03/28/2013 INDEX NO. 651786/2011 NYSCEF DOC. NO. 552 RECEIVED NYSCEF: 03/28/2013 SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF NEW YORK __________________________________________ ) In the matter of the application of ) Index No. 651786/2011 THE BANK OF NEW YORK MELLON (as ) Trustee under various Pooling and Servicing ) Assigned to: Kapnick, J. Agreements and Indenture Trustee ) under various Indentures), et al. ) ) Petitioners, ) ) for an order, pursuant to C.P.L.R. § 7701, seeking ) judicial instructions and approval of a proposed ) settlement. ) _________________________________________ ) REPORT OF G. WILLIAM SCHWERT I. QUALIFICATIONS 1. I am the Distinguished University Professor of Finance and Statistics at the William E. Simon Graduate School of Business Administration of the University of Rochester, a position I have held since 1998. I have been a faculty member at the University of Rochester since 1976. I teach courses and conduct research in corporate finance, capital markets, and statistics. In 1975-76, I was an Assistant Professor of Finance at the University of Chicago, and in 1982 I was the Center for Research in Security Prices Distinguished Scholar and Visiting Associate Professor at the University of Chicago. Doctoral students I have supervised are now tenured, chaired faculty members at Harvard, Dartmouth, Chicago, Wharton, Northwestern, and Michigan, among other schools. - 1 - 2. In addition to my teaching responsibilities, I have been a Research Associate of the National Bureau of Economic Research since 1988. I have been the Managing Editor of the Journal of Financial Economics since 1995, where I have been an Editor since 1979. -
Karl Brunner and Allan Meltzer
Karl Brunner and Allan Meltzer: From Monetary Policy to Monetary History to Monetary Rules* Prepared for the Conference “Karl Brunner and Monetarism” Swiss National Bank, Zurich, Switzerland, October 29-30, 2018 Michael D Bordo Rutgers University, Hoover Institution, and NBER Economics Working Paper 19104 HOOVER INSTITUTION 434 GALVEZ MALL STANFORD UNIVERSITY STANFORD, CA 94305-6010 March 1, 2019 Karl Brunner and Allan Meltzer were pioneer monetarists whose work in the 1960s and 1970s challenged the prevailing Keynesian orthodoxy. A major part of their work was a critique of the Federal Reserve System’s monetary policy strategy from the 50s leading to the Great inflation. This paper explores the nexus between Brunner and Meltzer’s earlier work in a report prepared for the US congress in 1964 on the System’s discretionary counter cyclical policy in its first fifty years of existence, and Allan Meltzer’s monumental two volume A History of the Federal Reserve (2003, 2009). Many of the themes in the early report reappeared in A History. A key theme in the 1964 monograph was a critique of the Fed’s use of the Net Free Reserves doctrine which had evolved in the 1950s from the earlier Burgess Rieffler Strong doctrine which guided Fed policy in the 1920s and 1930s. which the authors argued explained the Fed’s policy mistakes leading to the Great Contraction. They posit the case that their monetarist approach based on the money supply, monetary base and money multiplier could have greatly improved the Fed’s performance from the 1920s to the 1960s.The 1964 monograph was a key building block for their later work in monetary theory and policy including their critique of Keynes, the importance of policy uncertainty and the case for a monetary base rule. -
Did Monetary Forces Cause the Great Depression? a Bayesian VAR Analysis for the U.S
Did Monetary Forces Cause the Great Depression? A Bayesian VAR Analysis for the U.S. Economy∗ Albrecht Ritschl School of Business and Economics, Humboldt University of Berlin and CEPR Ulrich Woitek Dept. of Economics, University of Zurich November 2006 Abstract This paper recasts Temin's (1976) skeptical question of whether mon- etary forces caused the Great Depression in a modern time series framework. We analyze money-income causalities for the U.S. in a recursive Bayesian framework. To account for macroeconomic regime changes and policy shifts, we allow for time-varying coefficients and stochastic volatility. Examining a variety of traditional and credit channels of monetary policy transmission, we find only a very minor role for monetary policy before and during the slump. Results are ro- bust under various specifications and indicate remarkable parameter instability, suggesting monetary regime changes during the depres- sion. This suggests that the dynamic money/income relationship may have been endogenous to policy regime changes. Experimenting with non-monetary alternatives, we find strong evidence of an investment downturn, which predicts a major recession already in early 1929. Keywords: Money/income causality, Great Depression, Gibbs sampling, Bayesian vectorautoregression, leading indicators, conditional forecasts JEL classification: N12, E37, E47, C53 ∗We are grateful to Michael Bordo, Antonio Ciccone, Jordi Gal´ı,Albert Marcet, Harald Uhlig, Tao Zha, and participants in various seminars and conferences for helpful comments. Contact: [email protected], [email protected] 1 1 Intro duction Since the work of Friedman and Schwartz (1963), monetary ortho doxy has asso ciated the Great Depression with restrictive monetary p olicies.