全球智库信息集成服务系统(G2TT): Financial Asset Ownership and Political Partisanship: Liberty Bonds and Republican Electoral Success in the 1920s

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来源类型	Working Paper
规范类型	报告
DOI	10.3386/w24719
来源ID	Working Paper 24719
	Financial Asset Ownership and Political Partisanship: Liberty Bonds and Republican Electoral Success in the 1920s
	Eric Hilt; Wendy M. Rahn
发表日期	2018-06-18
出版年	2018
语种	英语
摘要	We analyze the effects of ownership of liberty bonds, which were marketed to households during World War I, on election outcomes in the 1920s. In order to address the endogeneity of liberty bond subscriptions, we utilize the local severity of the fall 1918 influenza epidemic, which disrupted the largest liberty bond campaign, as an instrument. We find that counties with higher liberty bond ownership rates turned against the Democratic Party in the presidential elections of 1920 and 1924. This was a reaction to the depreciation of the bonds prior to the 1920 election (when the Democrats held the presidency), and the appreciation of the bonds in the early 1920s (under a Republican president), as the Fed raised and then subsequently lowered interest rates. Our results suggest the liberty bond campaigns had unintended political consequences and illustrate the potential for financial asset ownership to increase the sensitivity of ordinary households to economic policy decisions.
主题	History ; Macroeconomic History ; Financial History ; Labor and Health History ; Other History
URL	https://www.nber.org/papers/w24719
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/582392
推荐引用方式 GB/T 7714	Eric Hilt,Wendy M. Rahn. Financial Asset Ownership and Political Partisanship: Liberty Bonds and Republican Electoral Success in the 1920s. 2018.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w24719.pdf（760KB）	智库出版物		限制开放	CC BY-NC-SA	浏览