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Tag Archives: Academic research & research papers

An early stablecoin? The Bank of Amsterdam and the governance of money (1609-1820)

Superb paper by BIS econs – Jon Frost, Hyun Song Shin and Peter Wierts: This paper draws lessons on the central bank underpinnings of money from the rise and fall of the Bank of Amsterdam (1609-1820). The Bank started out as a “stablecoin”: it issued deposits backed by silver and gold coins, and settled payments by transfers across deposits. Over time, it performed functions of a modern central bank and its deposits took on attributes of fiat money. The economic shocks of the 1780s,...

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Automation and the Fate of Young Workers: Evidence from Telephone Operation in the Early 20th Century

James Feigenbaum & Daniel P. Gross have some interesting insights in this new NBER paper: Telephone operation, one of the most common jobs for young American women in the early 1900s, provided hundreds of thousands of female workers a pathway into the labor force. Between 1920 and 1940, AT&T adopted mechanical switching technology in more than half of the U.S. telephone network, replacing manual operation. We show that although automation eliminated most of these jobs, it did...

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Comparing broken European capital markets to broken European Railways

Klass Knott , Governor of Netherlands Central Bank in this speech compares State of European capital markets with European Railways: If you travel by train from the city of Bordeaux southward to Spain, at the border you will have aslightly strange experience. Since the rail gauges in France and Spain are of a different width, the rail bogies, that’s basically the wheels of the train, have to be replaced. A very heavy machine lifts the  train up, the bogies are rolled away and replaced by...

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Industrial policy at work: Evidence from Romania’s income tax break for IT workers

Isabela Manelici and Smaranda Pantea in this voxeu research: Industrial policies can be an effective tool for governments to shape the development of different sectors to achieve productivity growth. But there is little evidence of their effectiveness or efficiency. This column examines the impact of an income tax break for IT workers in Romania. The findings suggest that targeted policies of this kind can boost key sectors. This finding is encouraging in terms of the ability of...

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Non-US global banks and dollar (co-)dependence: how housing markets became internationally synchronized

Torsten Ehlers, Mathias Hoffmann and Alexander Raabe in this paper show how US Capital flows leads to growth in house prices across countries: US net capital inflows drive the international synchronization of house price growth. An increase (decrease) in US net capital inflows improves (tightens) US dollar funding conditions for non-US global banks, leading them to increase (decrease) foreign lending to third-party borrowing countries. This induces a synchronization of lending across...

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Journey across a Century of Women

Prof Caludia Goldin gives a fascinating history of role of women in society: My talk will take us on a Journey across a Century of Women — a 120-year odyssey of generations of college-graduate women from a time when they were only able to have either a family or a career (sometimes a job), to now, when they anticipate having both a family and a career. More women than ever before are within striking distance of these goals. … I recently finished most of a book on this century-long...

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Love and Liberty: A Short History of Adam Smith in Love

A new research paper by F. E. Guerra-Pujol (HT: MR Blog) The author devotes his full scholarly attention to the mystery of Adam Smith’s love life by carefully re-assembling all the admissible amorous evidence, by subjecting such facts to critical lawyerly scrutiny, and by drawing reasonable inferences from these sundry proofs. Part 1 of this paper will set the stage by revisiting several intriguing hypotheses concerning Doctor Smith’s sexuality and romantic attachments. Next, Part 2...

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The Costs of Employment Segregation: Evidence from the Federal Government under Wilson

Abhay Aneja and Guo Xu (both at UC Berkeley)  in this NBER WP: We link personnel records of the federal civil service to census data for 1907-1921 to study the segregation of the civil service by race under President Woodrow Wilson. Using a difference-in-differences design to compare the black-white wage gap around Wilson’s presidential transition, we find that the introduction of employment segregation increased the black wage penalty by 7 percentage points. This gap increases over...

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Rising usage of Execution algorithms in forex markets

A new BIS report on chaired by Andréa M Maechler (of Swiss National Bank) on Execution Algorithms (EA). What is EA? EAs are automated trading programs designed to buy or sell a predefined amount of securities or FX according to a set of parameters and user instructions. Incontrast to other common types of algorithms such as market-making or opportunistic algorithms, the sole purpose of EAs is to execute a trade as optimallyas possible. They have become a well established means of FX...

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Per Jacobsson Lecture – Central bank cooperation and US dollar liquidity: what can we learn from the past?

All kinds of boundaries are breaking down. BIS’s prestigious biennial lecture series- Per Jacobsson – was streamed live for the public for the first time. It was also interesting to see Professor Catherine Schenk (Oxford Univ), an economic historian, deliver the lecture this time. Her lecture topic was Central bank cooperation and US dollar liquidity: what can we learn from the past? As the global policy community moves into what is certain to be a prolonged period of economic, monetary...

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