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A New History of Banking Panics in the United States, 1825–1929: Construction and Implications †

A New History of Banking Panics in the United States, 1825–1929: Construction and Implications † Abstract There are two major problems in identifying the output effects of banking panics of the pre–Great Depression era. First, it is not clear when panics occurred because prior panic series differ in their identification of panic episodes. Second, establishing the direction of causality is tricky. This paper addresses these two problems (i) by deriving a new panic series for the 1825–1929 period and (ii) by studying the output effects of major banking panics via vector autoregression (VAR) and narrative-based methods. The new series has important implications for the history of financial panics in the United States. (JEL E32, E44, G21, N11, N12, N21, N22 ) http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png American Economic Journal: Macroeconomics American Economic Association

A New History of Banking Panics in the United States, 1825–1929: Construction and Implications †

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Publisher
American Economic Association
Copyright
Copyright © 2015 by the American Economic Association
Subject
Articles
ISSN
1945-7715
eISSN
1945-7715
DOI
10.1257/mac.20130265
Publisher site
See Article on Publisher Site

Abstract

Abstract There are two major problems in identifying the output effects of banking panics of the pre–Great Depression era. First, it is not clear when panics occurred because prior panic series differ in their identification of panic episodes. Second, establishing the direction of causality is tricky. This paper addresses these two problems (i) by deriving a new panic series for the 1825–1929 period and (ii) by studying the output effects of major banking panics via vector autoregression (VAR) and narrative-based methods. The new series has important implications for the history of financial panics in the United States. (JEL E32, E44, G21, N11, N12, N21, N22 )

Journal

American Economic Journal: MacroeconomicsAmerican Economic Association

Published: Jul 1, 2015

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