LESSONS from the GERMAN INFLATION EXPERIENCE of the 1920S
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Boca Raton and the Florida Land Boom of the 1920S
20 TEQUESTA Boca Raton and the Florida Land Boom of the 1920s by Donald W. Curl The Florida land boom of 1924-25 is commonly mentioned by historians of the twenties and of the South. Most of them see the boom as a phenomenon of the Miami area, though they usually mention in passing that no part of the state remained immune to the speculation fever. Certainly Miami's developments received major attention from the national press and compiled amazing financial statistics for sales and inflated prices. Still, similar activity took place throughout the state. Moreover, the real estate boom in Palm Beach County began as early as that in Miami, contained schemes that equaled that city's in their imagination and fantasy, and also captured national attention. Finally, one of these schemes, that of Addison Mizner's Boca Raton, probably served as the catalyst for exploiting the boom bubble. The Florida land boom resulted from a number of complex fac- tors. Obviously, the mild winter climate had drawn visitors to the state since the Civil War. Summer was said "to spend the winter in West Palm Beach." Now with the completion of the network of roads known as the Dixie Highway and the increasing use of the automobile, Florida became easily accessible to the cities of the northeast and midwest. For some, revolting against the growing urbanization of the north, Florida became "the last frontier." Others found romance in the state's long and colorful history and "fascination in her tropical vege- tation and scenery." Many were confident in the lasting nature of the Coolidge prosperity, and, hearing the success stories of the earliest Donald W. -
Uncertainty and Hyperinflation: European Inflation Dynamics After World War I
FEDERAL RESERVE BANK OF SAN FRANCISCO WORKING PAPER SERIES Uncertainty and Hyperinflation: European Inflation Dynamics after World War I Jose A. Lopez Federal Reserve Bank of San Francisco Kris James Mitchener Santa Clara University CAGE, CEPR, CES-ifo & NBER June 2018 Working Paper 2018-06 https://www.frbsf.org/economic-research/publications/working-papers/2018/06/ Suggested citation: Lopez, Jose A., Kris James Mitchener. 2018. “Uncertainty and Hyperinflation: European Inflation Dynamics after World War I,” Federal Reserve Bank of San Francisco Working Paper 2018-06. https://doi.org/10.24148/wp2018-06 The views in this paper are solely the responsibility of the authors and should not be interpreted as reflecting the views of the Federal Reserve Bank of San Francisco or the Board of Governors of the Federal Reserve System. Uncertainty and Hyperinflation: European Inflation Dynamics after World War I Jose A. Lopez Federal Reserve Bank of San Francisco Kris James Mitchener Santa Clara University CAGE, CEPR, CES-ifo & NBER* May 9, 2018 ABSTRACT. Fiscal deficits, elevated debt-to-GDP ratios, and high inflation rates suggest hyperinflation could have potentially emerged in many European countries after World War I. We demonstrate that economic policy uncertainty was instrumental in pushing a subset of European countries into hyperinflation shortly after the end of the war. Germany, Austria, Poland, and Hungary (GAPH) suffered from frequent uncertainty shocks – and correspondingly high levels of uncertainty – caused by protracted political negotiations over reparations payments, the apportionment of the Austro-Hungarian debt, and border disputes. In contrast, other European countries exhibited lower levels of measured uncertainty between 1919 and 1925, allowing them more capacity with which to implement credible commitments to their fiscal and monetary policies. -
The Federal Reserve System: History and Structure
Printed Page 253 [Notes/Highlighting] The Federal Reserve System: History and Structure The history of the Federal Reserve System The structure of the Federal Reserve System How the Federal Reserve has responded to major financial crises Module 26: The Federal Reserve System: H... Printed Page 253 The Federal Reserve System [Notes/Highlighting] Who’s in charge of ensuring that banks maintain enough reserves? Who decides how large the monetary base will be? The answer, in the United A central bank is an States, is an institution known as the Federal Reserve (or, informally, as institution that oversees and “the Fed”). The Federal Reserve is a central bank—an institution that regulates the banking system oversees and regulates the banking system, and controls the monetary and controls the monetary base. Other central banks include the Bank of England, the Bank of Japan, base. and the European Central Bank, or ECB. The Federal Reserve System Printed Page 253 An Overview of the Twenty-first Century [Notes/Highlighting] American Banking System Under normal circumstances, banking is a rather staid and unexciting business. Fortunately, bankers and their customers like it that way. However, there have been repeated episodes in which “sheer panic” would be the best description of banking conditions—the panic induced by a bank run and the specter of a collapse of a bank or multiple banks, leaving depositors penniless, bank shareholders wiped out, and borrowers unable to get credit. In this section, we’ll give an overview of the behavior and regulation of the American banking system over the last century. -
Records of the Immigration and Naturalization Service, 1891-1957, Record Group 85 New Orleans, Louisiana Crew Lists of Vessels Arriving at New Orleans, LA, 1910-1945
Records of the Immigration and Naturalization Service, 1891-1957, Record Group 85 New Orleans, Louisiana Crew Lists of Vessels Arriving at New Orleans, LA, 1910-1945. T939. 311 rolls. (~A complete list of rolls has been added.) Roll Volumes Dates 1 1-3 January-June, 1910 2 4-5 July-October, 1910 3 6-7 November, 1910-February, 1911 4 8-9 March-June, 1911 5 10-11 July-October, 1911 6 12-13 November, 1911-February, 1912 7 14-15 March-June, 1912 8 16-17 July-October, 1912 9 18-19 November, 1912-February, 1913 10 20-21 March-June, 1913 11 22-23 July-October, 1913 12 24-25 November, 1913-February, 1914 13 26 March-April, 1914 14 27 May-June, 1914 15 28-29 July-October, 1914 16 30-31 November, 1914-February, 1915 17 32 March-April, 1915 18 33 May-June, 1915 19 34-35 July-October, 1915 20 36-37 November, 1915-February, 1916 21 38-39 March-June, 1916 22 40-41 July-October, 1916 23 42-43 November, 1916-February, 1917 24 44 March-April, 1917 25 45 May-June, 1917 26 46 July-August, 1917 27 47 September-October, 1917 28 48 November-December, 1917 29 49-50 Jan. 1-Mar. 15, 1918 30 51-53 Mar. 16-Apr. 30, 1918 31 56-59 June 1-Aug. 15, 1918 32 60-64 Aug. 16-0ct. 31, 1918 33 65-69 Nov. 1', 1918-Jan. 15, 1919 34 70-73 Jan. 16-Mar. 31, 1919 35 74-77 April-May, 1919 36 78-79 June-July, 1919 37 80-81 August-September, 1919 38 82-83 October-November, 1919 39 84-85 December, 1919-January, 1920 40 86-87 February-March, 1920 41 88-89 April-May, 1920 42 90 June, 1920 43 91 July, 1920 44 92 August, 1920 45 93 September, 1920 46 94 October, 1920 47 95-96 November, 1920 48 97-98 December, 1920 49 99-100 Jan. -
Prohibition, American Cultural Expansion, and the New Hegemony in the 1920S: an Interpretation
Prohibition, American Cultural Expansion, and the New Hegemony in the 1920s: An Interpretation IAN TYRRELL* In the [920s American prohibitionists, through the World League against Alcohol ism, sought to extend their war on liquor beyond the boundaries of the United States. Prohibitionistsfailed in their efforts due to anti-American sentiment, complex class and cultural opposition to prohibition, and negative reporting of the experi ment with prohibition in the U.S. Nevertheless, restrictive anti-alcohol laws were introduced in a number ofcountries. Moreover, the efforts ofAmerican prohibition ists furthered the larger process of American cultural expansion by emphasizing achievements of the U.S. in economic modernization and technical advancement. This episode in American cultural expansion occurred with the support of anti alcohol groups in foreign countries that embraced the message equating American reform with modernity. Prohibitionists abroad colluded in the process, thereby accepting a form ofAmerican cultural hegemony. En 1920, par l'intermédiaire de la World League against Alcoholism, les prohibi tionnistes américains se sont efforcés de pousser leur lutte contre l'alcool au-delà des frontières des États-Unis. Cependant, le sentiment anti-américain, l'opposition complexe des classes et de la culture à l'endroit de la prohibition ainsi que la mauvaise presse dont l'expérience américaine a fait l'objet ont fait échouer leurs efforts. Néanmoins, plusieurs pays ont adopté des lois restrictives contre l'alcool. Qui plus est, les efforts des prohibitionnistes américains ont favorisé l'expansion de la culture américaine en mettant en valeur les réussites des É.-u. au chapitre de la modernisation économique et de l'avancement de la technologie. -
Chapter 2 Music in the United States Before the Great Depression
American Music in the 20th Century 6 Chapter 2 Music in the United States Before the Great Depression Background: The United States in 1900-1929 In 1920 in the US - Average annual income = $1,100 - Average purchase price of a house = $4,000 - A year's tuition at Harvard University = $200 - Average price of a car = $600 - A gallon of gas = 20 cents - A loaf of Bread = 20 cents Between 1900 and the October 1929 stock market crash that triggered the Great Depression, the United States population grew By 47 million citizens (from 76 million to 123 million). Guided by the vision of presidents Theodore Roosevelt1 and William Taft,2 the US 1) began exerting greater political influence in North America and the Caribbean.3 2) completed the Panama Canal4—making it much faster and cheaper to ship its goods around the world. 3) entered its "Progressive Era" by a) passing anti-trust laws to Break up corporate monopolies, b) abolishing child labor in favor of federally-funded puBlic education, and c) initiating the first federal oversight of food and drug quality. 4) grew to 48 states coast-to-coast (1912). 5) ratified the 16th Amendment—estaBlishing a federal income tax (1913). In addition, by 1901, the Lucas brothers had developed a reliaBle process to extract crude oil from underground, which soon massively increased the worldwide supply of oil while significantly lowering its price. This turned the US into the leader of the new energy technology for the next 60 years, and opened the possibility for numerous new oil-reliant inventions. -
Economic Review
The Monthly B usiness R eview Covering Business and Agricultural Conditions in the Sixth Federal Reserve District FEDERAL RESERVE BANK OF ATLANTA JOS. A. McCORD, Chairman of the Board and Federal Reserve Agent WARD ALBERTSON, Assistant Federal Reserve Agent VOL. 6 ATLANTA, GEORGIA, SEPTEMBER 28, 1921 No. 9 The outstanding feature of the business situation since the last issue According to the Bureau of the Census of the Department of Commerce, of the Monthly Business Review is the improvement in the South’s econo the amount of cotton on hand in public storage and at compresses at the mic position resulting for the most part from the advance of approxi close of February, 1920, was 3,530,654 bales, as against 5,497,019 bales mately forty dollars a bale, from $60 to $100, in the price of cotton, a year later. The total crop yield of 1920, 12,987,000 bales, added to the the principal agricultural product of the District. total estimated for this year, 7,037,000 bales, gives a gross production for the two years of 20,024,000 bales, or an average of 10,012,000 bales, as against a five-year average for 1915-1919 of 11,481,000 bales. On August 15th cotton was around 12 cents per pound, and one month later, or about the middle of September the price had advanced to ap proximately 20 cents per pound. This advance in the price of the leading The exports for the two years from July 1, 1919 to July 1, 1921 amount commodity of the Sixth Federal Reserve District has had a stimulating ed to 12,324,510 bales, an average of 6,162,255 bales, as compared with a effect on business, as well as having a good psychological effect. -
Thirty-Second Annual List of Papers
1923.] LIST OF PUBLISHED PAPERS 485 THIRTY-SECOND ANNUAL LIST OF PAPERS READ BEFORE THE AMERICAN MATHEMATICAL SOCIETY AND SUBSEQUENTLY PUBLISHED, INCLUDING REFERENCES TO THE PLACES OF PUBLICATION ALEXANDER, J. W. A proof and extension of the Jordan-Brouwer separa tion theorem. Read April 29, 1916. Transactions of this Society, vol. 23, No. 4, pp. 333-349; June, 1922. Invariant points of a surface transformation of given class. Read Dec. 28, 1922. Transactions of this Society, vol. 25, No. 2, pp. 173- 184; April, 1923. BARNETT, I. A. Differential equations with a continuous infinitude of variables. Read Dec. 28, 1918. American Journal of Mathematics, vol. 44, No. 3, pp. 172-190; July, 1922. Linear partial differential equations with a continuous infinitude of variables. Read Dec. 28, 1918, and April 24, 1920. American Journal of Mathematics, vol. 45, No. 1, pp. 42-53; Jan., 1923. BELL, E. T. On restricted systems of higher indeterminate equations. Read (San Francisco) June 18, 1920. Transactions of this Society, vol. 22, No. 4, pp. 483-488; Oct., 1921. Anharmonic polynomial generalizations of the numbers of Bernoulli and Euler. Read (San Francisco) April 9, 1921. Transactions of this Society, vol. 24, No. 2, pp. 89-112; Sept., 1922. Periodicities in the theory of partitions. Read (San Francisco) April 8, 1922. Annals of Mathematics, (2), vol. 24, No. 1, pp. 1-22; Sept., 1922. Relations between the numbers of Bernoulli, Euler, Genocchi, and Lucas. Read (San Francisco) April 8, 1922. Messenger of Mathe matics, vol. 52, No. 4, pp. 56-64, and No. 5, pp. 65-68; Aug. -
How Do You Address the Economic Damage from a Pandemic?
HOW DO YOU ADDRESS THE ECONOMIC DAMAGE FROM A PANDEMIC? We cannot be sure that we will ever fully eradicate COVID-19 from our lives but it is becoming clearer that masks, social distancing and now even more importantly, vaccines are reducing the risks of the virus. What are the implications for the economy and your investments? We researched the 1918-1920 Influenza Pandemic to learn how the recovery played out then. World War I was being waged when the pandemic began. An estimated 500 million people in the world were infected. It killed 50 million people including 675,000 Americans (about 0.67% of the population; at 550,000 COVID- related deaths as of this writing that equates to about 0.16% of the U.S. population today). While COVID-19 mostly impacts the elderly, the 1918 Flu took the biggest toll on younger people who comprised the bulk of the physical labor force at the time. How did the markets perform during the Flu years? Interestingly, in 1917 the Dow Jones Industrial Average dropped 21.7%. The following two years while the pandemic raged, the market increased 10.5% in 1918 and another 30.5% in 1919. Similar to today the stock markets performed well despite restrictions on public gatherings. In 1918 the Commercial and Financial Chronicle, a leading business news outlet at that time, reported: “In Boston the question of closing the churches is being discussed as a mean of checking the epidemic. In Pennsylvania all places of public amusement, schools, churches and all saloons have been ordered closed until further notice.” The Surgeon General of the US at the time said that these closings are: “the only way to stop the spread of the virus”. -
Volume 41, Number 02 (February 1923) James Francis Cooke
Gardner-Webb University Digital Commons @ Gardner-Webb University The tudeE Magazine: 1883-1957 John R. Dover Memorial Library 2-1-1923 Volume 41, Number 02 (February 1923) James Francis Cooke Follow this and additional works at: https://digitalcommons.gardner-webb.edu/etude Part of the Composition Commons, Ethnomusicology Commons, Fine Arts Commons, History Commons, Liturgy and Worship Commons, Music Education Commons, Musicology Commons, Music Pedagogy Commons, Music Performance Commons, Music Practice Commons, and the Music Theory Commons Recommended Citation Cooke, James Francis. "Volume 41, Number 02 (February 1923)." , (1923). https://digitalcommons.gardner-webb.edu/etude/698 This Book is brought to you for free and open access by the John R. Dover Memorial Library at Digital Commons @ Gardner-Webb University. It has been accepted for inclusion in The tudeE Magazine: 1883-1957 by an authorized administrator of Digital Commons @ Gardner-Webb University. For more information, please contact [email protected]. 4 ETUDE MUSIC MAGAZINE FEBRUARY, 1923 A Wealth of Rewards For Your Spare Time Just a little enthusiastic time spent in get¬ Thousands Have Done Everybody Needs Some ting new subscriptions for ETUDE MUSIC This for Years of MAGAZINE will bring them to you without Why Not YOU ? These Premiums one penny outlay. For Three New Subscriptions O’CEDAR MOP. WATER^^: PROOF APRON,i?ub8Criplion neat and attractive. I YourOwn Subscription FREE Our Most Popular Premium LAVALLIERE—solid gold, large amethyst and THREE PIECE SHIRTWAIST SET—consists 4 pearls with baroque pearl pendant. of bar pin and two small pins—gold filled, Send three subscriptions at $2.00 each ($6.00 in all) and very popular. -
An Indicator of Credit Crunch Using Italian Business Surveys
Munich Personal RePEc Archive An Indicator of Credit Crunch using Italian Business Surveys Girardi, Alessandro and Ventura, Marco and Margani, Patrizia Parliamentary Budget Office, PBO, Rome, Italy, Italian National Institute of Statistics, ISTAT, Rome, Italy September 2018 Online at https://mpra.ub.uni-muenchen.de/88839/ MPRA Paper No. 88839, posted 14 Sep 2018 15:29 UTC An Indicator of Credit Crunch using Italian Business Surveys Alessandro Girardia,b, Patrizia Marganib, Marco Venturab a Parliamentary Budget Office, PBO, Rome, Italy b Italian National Institute of Statistics, ISTAT, Rome, Italy Abstract This paper presents a two-step procedure to derive a credit crunch indicator for the Italian manufacturing sector. Using qualitative firm-level data over the years 2008-2018, nonlinear discrete panel data techniques are first applied in order to identify the loan supply curve controlling for firm-specific observable characteristics. In the subsequent step, the variation of the estimated supply curve that cannot be explained by proxies for loan demand is interpreted as the degree of credit squeeze prevailing in the economy at a given point in time. The empirical evidence shows that credit crunch episodes are less likely to occur during periods of sustained economic growth, or when credit availability for the manufacturing sector is relatively abundant. In contrast, a tight monetary policy stance or a worsening of the quality of banking balance sheets tend to increase the likelihood of experiencing a credit squeeze. JEL: G30; G32; C23 Keywords: business survey, credit crunch, access to credit 1 1. Introduction During periods of financial distress, troubles affecting the credit system are likely to spread to the real sector, especially in countries where the banking sector is the most relevant financing channel to the business sector and/or the productive structure is predominantly based on small and medium enterprises (Ferrando et al., 2014; Berger and Udell, 2006). -
Currency Wars, Recession Policies and the Overvalued Euro Are to Be Blamed for the Modern Greek Tragedy
International Journal in Economics and Business Administration Volume IV, Issue 1, 2016 pp. 3 - 19 Currency Wars, Recession Policies and the Overvalued Euro are to be Blamed for the Modern Greek Tragedy Theodore Katsanevas* Abstract: In this paper we argue that, Modern Greek Tragedy is mainly due to the overvalued euro in combination with the strict austerity policies imposed by Berlin. Greece also pays the price of the currency war between the dollar and the euro. The latter puts a heavy burden upon the country’s economic competitiveness as a costume that does not fit the Greek economy, which is mainly based on tourism that requires a labour-intensive production process. The deadlocks of strict monetary and income’s policies, accelerates the upcoming economic thunderstorm, the spiral of recession, the increase in unemployment, the brutal reduction of wages and pensions, the further fall of GDP and the increase of the debt. The always renewed fatal economic forecasts, simply postpone the explosion of the deadlock. Basic economics in theory and in practice are being depreciated. One wonders if there are economists, neoliberals, not to mention, Keynesians and/or radicals that, may support the possibility of an economic recovery under deep recession policies and the existence of a hard currency such as the euro. Trapped under the Berlin’s political prison and the euro zone fetish, Greece continues to follow its tragic road on the grounds that there is no alternative. Yet, in democracies there are no dead ends. If an economic policy is proven to be wrong and catastrophic, the best alternative is to change it.