We report estimates of the fiscal multiplier for interwar Britain based on quarterly data, time-series econometrics, and 'defense news'. We find that the government expenditure multiplier was in the range 0.5 to 0.8, much lower than previous estimates. The scope for a Keynesian solution to...

Central banking in France from 1948 to 1973 was a paradigmatic example of an unconventional policy relying on quantities rather than on interest rates. Usual SVAR find no effect of policy shocks and support the common view that monetary policy was ineffective over this period. I argue that only...

This paper offers new quantitative evidence on living standards in Bourbon America through the study of wages and heights. Neither were wages low nor were heights short by the international standards of the period. Thus, living standards of the Spanish Americans compare favourably with those of...

This paper uses linked apprenticeship-family reconstitution records to explore the influence of family structure on human capital formation in preindustrial England. We observe a small but significant relationship between birth order,resources and human capital investments. Eldest sons were less...

Southeast Europe's countries are often denominated as the 'first developing nations'. Since the end of the 19th century the question of industrialization dominated public economic debates in Romania, Bulgaria, Greece, and later on Yugoslavia. However, despite all soaring rhetoric no sustained...

This paper documents industrial output growth around the poor periphery (Latin America, the European periphery, the Middle East and North Africa, Asia, and sub-Saharan Africa) between 1870 and 2007. We provide answers to the following questions: When and where did rapid industrial growth begin...

The history of tax havens during the decades before World War II is still little known. To date, the studies that have focused on the 1920s and 1930s have presented either a very general perspective on the development of tax havens or a narrow national point of view. Based on unpublished...

In this paper, we assess the inheritance of human capital in the early modern period with a comprehensive dataset covering eight countries in Europe and Latin America. We focus on the within-household process of human capital formation. Gregory Clark suggested that the wealthy and 'capitalist'...

We consider the relative contributions of changing technology and institutions for economic growth through the investigation of a natural experiment in history: the almost simultaneous introduction of the automatic cream separator and the cooperative ownership form in the Danish dairy industry...

This paper offers a theory of conditionality lending in 19th-century international capital markets. We argue that ownership of reputation signals by prestigious banks rendered them able and willing to monitor government borrowing. Monitoring was a source of rent, and it led bankers to support...