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Essays in Macroeconomic History and Policy.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays in Macroeconomic History and Policy./
作者:	Cohen-Setton, Jeremie.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2016,
面頁冊數:	151 p.
附註:	Source: Dissertations Abstracts International, Volume: 78-09, Section: A.
Contained By:	Dissertations Abstracts International78-09A.
標題:	Economics. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10192792
ISBN:	9781369559392

Essays in Macroeconomic History and Policy.
Cohen-Setton, Jeremie.

Essays in Macroeconomic History and Policy. - Ann Arbor : ProQuest Dissertations & Theses, 2016 - 151 p.

Source: Dissertations Abstracts International, Volume: 78-09, Section: A.

Thesis (Ph.D.)--University of California, Berkeley, 2016.

This item must not be sold to any third party vendors.

The Making of a Monetary Union: Evidence from the U.S. Discount Market 1914-1935. The decentralized structure of the Federal Reserve gave regional Reserve banks a large degree of autonomy in setting discount rates. This created repeated and continued periods of non-uniform discount rates across the 12 Federal Reserve districts. Commercial banks did not take full advantage of these differentials, reflecting the effectiveness of qualitative restrictions on the use of discount window liquidity in limiting the geographical movement of funds. While the choice of regional autonomy over complete financial integration was reasonable given the characteristics of the U.S. monetary union in the interwar period, the Federal Reserve failed to use this autonomy to stabilize regional economic activity relative to the national average. The diagnosis that the costs of decentralization outweighed the gains from regional differentiation motivated reforms that standardized and centralized control of Reserve bank discount policies. Supply-Side Policies in the Depression: Evidence from France. The effects of supply-side policies in depressed economies are controversial. We shed light on this debate using evidence from France in the 1930s. In 1936, France departed from the gold standard and implemented mandatory wage increases and hours restrictions. Deflation ended but output stagnated. We present time-series and cross-sectional evidence that these supply-side policies, in particular the 40-hour law, contributed to French stagflation. These results are inconsistent both with the standard one-sector new Keynesian model and with a medium scale, multi-sector model calibrated to match our cross-sectional estimates. We conclude that the new Keynesian model is a poor guide to the effects of supply-side shocks in depressed economies. Fiscal Policy in the Depression: Evidence from Digging Holes and Filling Them. I use historical data on military spending on a strategic defense system-the Maginot Line-during the interwar period in France to estimate the effect of fiscal policy in a depressed economy. Planning for the construction of the defense system took place in the 1920s, while actual spending mostly occurred in the 1930s. Factors such as the natural local terrain, and the location of military threat generated variations in spending across space and time that were not related to current or expected levels of economic activity in these areas. I exploit these variations to estimate a local government spending multiplier that controls for aggregate shocks and aggregate policy, such as changes in distortionary taxes and aggregate monetary policy. I find a local multiplier of 1. Given the likely bias introduced by the use of fiscal data to proxy local economic activity and by the ad-hoc assumptions made to reconstruct a precise geographical allocation of border fortification spending, I see my result as evidence that the true local government spending multiplier is at least equal to 1.

ISBN: 9781369559392Subjects--Topical Terms:

517137
Economics.
Subjects--Index Terms:

Federal reserve

Essays in Macroeconomic History and Policy.
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300 $a 151 p.
500 $a Source: Dissertations Abstracts International, Volume: 78-09, Section: A.
500 $a Publisher info.: Dissertation/Thesis.
500 $a Advisor: Eichengreen, Barry J.
502 $a Thesis (Ph.D.)--University of California, Berkeley, 2016.
506 $a This item must not be sold to any third party vendors.
520 $a The Making of a Monetary Union: Evidence from the U.S. Discount Market 1914-1935. The decentralized structure of the Federal Reserve gave regional Reserve banks a large degree of autonomy in setting discount rates. This created repeated and continued periods of non-uniform discount rates across the 12 Federal Reserve districts. Commercial banks did not take full advantage of these differentials, reflecting the effectiveness of qualitative restrictions on the use of discount window liquidity in limiting the geographical movement of funds. While the choice of regional autonomy over complete financial integration was reasonable given the characteristics of the U.S. monetary union in the interwar period, the Federal Reserve failed to use this autonomy to stabilize regional economic activity relative to the national average. The diagnosis that the costs of decentralization outweighed the gains from regional differentiation motivated reforms that standardized and centralized control of Reserve bank discount policies. Supply-Side Policies in the Depression: Evidence from France. The effects of supply-side policies in depressed economies are controversial. We shed light on this debate using evidence from France in the 1930s. In 1936, France departed from the gold standard and implemented mandatory wage increases and hours restrictions. Deflation ended but output stagnated. We present time-series and cross-sectional evidence that these supply-side policies, in particular the 40-hour law, contributed to French stagflation. These results are inconsistent both with the standard one-sector new Keynesian model and with a medium scale, multi-sector model calibrated to match our cross-sectional estimates. We conclude that the new Keynesian model is a poor guide to the effects of supply-side shocks in depressed economies. Fiscal Policy in the Depression: Evidence from Digging Holes and Filling Them. I use historical data on military spending on a strategic defense system-the Maginot Line-during the interwar period in France to estimate the effect of fiscal policy in a depressed economy. Planning for the construction of the defense system took place in the 1920s, while actual spending mostly occurred in the 1930s. Factors such as the natural local terrain, and the location of military threat generated variations in spending across space and time that were not related to current or expected levels of economic activity in these areas. I exploit these variations to estimate a local government spending multiplier that controls for aggregate shocks and aggregate policy, such as changes in distortionary taxes and aggregate monetary policy. I find a local multiplier of 1. Given the likely bias introduced by the use of fiscal data to proxy local economic activity and by the ad-hoc assumptions made to reconstruct a precise geographical allocation of border fortification spending, I see my result as evidence that the true local government spending multiplier is at least equal to 1.
590 $a School code: 0028.
650 4 $a Economics. $3 517137
650 4 $a Economic history. $2 fast $3 548503
653 $a Federal reserve
653 $a Fiscal policy
653 $a Front populaire
653 $a Maginot line
653 $a Monetary union
653 $a Supply-side policy
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690 $a 0509
710 2 $a University of California, Berkeley. $b Economics. $3 1673006
773 0 $t Dissertations Abstracts International $g 78-09A.
790 $a 0028
791 $a Ph.D.
792 $a 2016
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10192792