| 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 | 2022-05-14 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Maritime disasters in the Spanish Empire (1531-1810) resulted in the loss of substantial amounts of silver money. We exploit this recurring natural experiment to estimate the effect that an exogenous change in the money supply has on the real economy. We find that negative money supply shocks caused Spanish real output to decline. A transmission channel analysis highlights slow price adjustments and credit frictions as channels through which money supply changes affected the real economy. Especially large output declines occurred in textile manufacturing against the backdrop of a credit crunch that impaired merchants' ability to supply their manufacturers with inputs. |
| 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/dp14089-2 |
| 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/546334 |
| 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. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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