| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14089 |
| DP14089 The vagaries of the sea: evidence on the real effects of money from maritime disasters in the Spanish Empire | |
| Adam Brzezinski; Yao Chen; Nuno Palma; Felix Ward | |
| 发表日期 | 2019-10-31 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We exploit a recurring natural experiment to identify the effects of money supply shocks: maritime disasters in the Spanish Empire (1531-1810) that resulted in the loss of substantial amounts of monetary silver. A one percentage point reduction in the money growth rate caused a 1.3% drop in real output that persisted for several years. The empirical evidence highlights nominal rigidities and credit frictions as the primary monetary transmission channels. Our model of the Spanish economy confirms that each of these two channels explain about half of the initial output response, with the credit channel accounting for much of its persistence. |
| 主题 | Economic History ; Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Monetary shocks Natural experiment Nominal rigidity Financial accelerator Dsge Minimum-distance estimation Local projection |
| URL | https://cepr.org/publications/dp14089 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542976 |
| 推荐引用方式 GB/T 7714 | Adam Brzezinski,Yao Chen,Nuno Palma,et al. DP14089 The vagaries of the sea: evidence on the real effects of money from maritime disasters in the Spanish Empire. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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