Pilar Nogues-Marco, Alfonso Herranz-Loncán, Nektarios Aslanidis, 13 August 2020

The adoption of the euro, for all its flaws, constituted a giant step in the process of full integration between the European economies. It also reproduced at a larger scale the dynamics of monetary unification that took place during the 19thcentury. This column presents a historical study of Spain, evaluating the changes in the internal money market. The analysis suggests that transaction costs undertook a sustained decline over the 19th century. By contrast, the efficiency of the market did not improve before the 1880s, perhaps due to a shift in monetary leadership changes in national economic geography.

Daniel Gallardo Albarrán, Robert Inklaar, 31 July 2020

Modern economic growth has improved the lives of millions in an unprecedented way, but its unequal progression across the globe has resulted in high income inequality. Most of the cross-country differences in income levels are typically attributed to differences in productivity rather than to physical or human capital accumulation. This column argues that this has not always been the case: physical capital accounted for a much larger fraction of income variation at the beginning of the 20th century. More generally, the results of the study call for a reevaluation of the long-term determinants of relative economic performance over time.

Sascha O. Becker, Jared Rubin, Ludger Woessmann, 12 July 2020

Over the past two decades, analysis of the relevance of religion has entered centre stage in the study of economic history, addressing questions such as how religion and religious beliefs in God and the afterlife have historically affected economies, and how historical socioeconomic circumstances have shaped religious beliefs and activities. This column derives a few general insights emerging from the rapidly growing literature.

Reshad N Ahsan, Laura Panza, Yong Song, 18 April 2020

While the relationship between trade and war is ambiguous, some argue that diminished trade can pose a threat to global peace by lowering both the opportunity costs of war and the cost of raising an army. This column examines the relationship between Atlantic trade and war in Europe between 1640 and 1896, a period in which intra-European conflict decreased dramatically. It finds that the growth in Atlantic trade lowered the probability of intra-European conflict by 15 percentage points.

Gregori Galofré Vilà, 13 January 2020

Economic history is a thriving subset of the field. This column uses network analysis to review the development of the discipline over the last 40 years. It illustrates how economic historians are interconnected through their research, identifies which scholars are the most cited by their peers, and reveals the central debates enlivening the discipline. It also shows that the rapid increase in the number of economic history publications since 2000 has been driven more by research at universities in continental Europe than by those in the US or UK.

Gareth Campbell, Richard Grossman, John Turner, 04 September 2019

Although long-run stock market data are an important indicator, obtaining them is challenging. This column constructs new long-run broad-based indices of equities traded on British securities markets for the period 1829-1929 and combines them with a more recent index to examine the timing of British business cycles and compare returns on home and foreign UK investment. One finding is that the capital gains index of blue-chip companies appears to be a good bellwether of macroeconomic behaviour.

Alan Bollard, 05 September 2019

The World Wars precipitated unprecedented economic problems in all countries. This column, part of a Vox debate on the economics of WWII, describes how economists played a larger role in WWII than in any previous conflict. They advanced the methods of public finance and influenced the directions of the war effort. By the end of the war, economists were widely embedded in government and policymaking.

Morgan Kelly, 05 July 2019

A large literature on persistence finds that many modern outcomes strongly reflect characteristics of the same places in the past. Although these regressions feature unusually high t statistics, they usually also display severe spatial autocorrelation in residuals. Exploiting data from 28 persistence studies published in leading journals, this column runs artificial regressions where both variables are spatial noise and shows that this produces severely inflated t statistics. Replicating published studies shows that in most cases the main persistence variable frequently has lower explanatory power than spatial noise but can, in turn, strongly predict spatial noise.

, 17 May 2019

How economic history can inform practical decision making.

Diane Coyle, 25 June 2018

Jutta Bolt, Robert Inklaar, Herman de Jong, Jan Luiten van Zanden, 25 January 2018

Research on long-run economic development has relied heavily on the database compiled by Angus Maddison. This column presents a new version of the Maddison Project Database based on historical growth data, but also incorporating historical cross-country income comparisons. The revisions shed new light on patterns of long-term development and cross-country income convergence.

Robert Margo, 03 September 2017

Specialist economic historians in the US today behave, and are rewarded, in similar ways to other economists. Mainstream economists also publish articles on economic history. This column argues that this is the culmination of a process of integration of history and econometrics that started with the cliometrics revolution in the 1950s. If this continues however, there is a risk that the demand for economic historians with the skills to ‘get the history right’ might dry up.

Alan M. Taylor, 16 August 2017

Stelios Michalopoulos, Elias Papaioannou, 08 March 2017

Over the past decades, economists working on growth have ‘rediscovered’ the importance of history, leading to the emergence of a vibrant, far-reaching inter-disciplinary stream of work. This column introduces the third and final eBook in our three-part series which examines key themes in this emergent literature and discusses the impact they have on our understanding of the long-run influence of historical events on current economics. This volume focuses on the Americas and Europe and examines how events from history have helped shape their post-war economic identities.

Stelios Michalopoulos, Elias Papaioannou, 14 February 2017

Over the past decades, economists working on growth have ‘rediscovered’ the importance of history, leading to the emergence of a vibrant, far-reaching inter-disciplinary stream of work.  This column introduces the second eBook in a new three-part series which examines key themes in this emergent literature and discusses the impact they have on our understanding of the long-run influence of historical events on current economics. This volume focuses on attempts by economists to shed light on the effects of European colonisers on development and culture across Africa and Asia.

Stelios Michalopoulos, Elias Papaioannou, 23 January 2017

Over the past decades, economists working on growth have ‘rediscovered’ the importance of history, leading to the emergence of a vibrant, far-reaching inter-disciplinary stream of work.  This column introduces a new eBook in three volumes which examines key themes in this emergent literature and discusses the impact they have on our understanding of the long-run influence of historical events on current economics.

Brandon Dupont, Thomas Weiss, 06 November 2016

The transportation revolution of the 19th century opened up new opportunities for migrant and tourist travel across the North Atlantic. While the impact of this revolution on freight cargoes and, to some extent, mass immigration has been well documented, we know considerably less about non-migrant overseas passenger travel. This column presents data on first class ocean travel fares between the US and the UK from 1826 to 1914, and demonstrates how such data can be gathered from various scattered sources and compiled into a reasonably reliable, representative, and informative long-term time series.

Mariacristina De Nardi, Giulio Fella, Fang Yang, 22 December 2015

Thomas Piketty’s "Capital in the Twenty-First Century" quantified the evolution of wealth inequality and concentration over time and across a number of countries. This column examines existing macroeconomic models of wealth inequality through the lenses of the facts and ideas in Piketty’s book. It further examines the importance of the mechanism that Piketty champions – post-tax rate of return on capital. Gaps in existing knowledge and directions for future research are identified. 

Daniel Waldenström, 20 December 2015

Recent work on the importance of wealth and capital shows that it has fluctuated grossly over time in Europe. This column examines whether this pattern carries over to smaller, late-industrialising countries by looking at new historical evidence from Sweden. After being low in the pre-industrial era, Swedish wealth levels came into line with the rest of Europe in the 20th century. However, government wealth grew much faster and became more important in Sweden, largely due its public pension system. These findings highlight the role of economic and political institutions in the long-run evolution of national wealth.

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