This paper uses standard tools of empirical macro economics to examine how well the existing historical time series support a role for financial factors in real sector activity in four economies that experienced what are widely considered to be 'financial revolutions' over the past 400 years....

The rapid growth of equity markets in emerging economies over the past decade has prompted economists to raise important questions about their macroeconomic impact. Although the relative brevity of this expansion has made it challenging to perform such an evaluation, there remains a strong...

"In this essay I propose that the adoption of the U.S. dollar as a common currency shortly after the ratification of the Federal Constitution and the accompanying transition from a fiat to specie standard was a pivotal moment in the nation's early history and marked an improvement over the...