| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w30060
|
| 来源ID | Working Paper 30060
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| Real Effects of Stabilizing Private Money Creation |
| Chenzi Xu; He Yang
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| 发表日期 | 2022-05-23
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| 出版年 | 2022
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| 语种 | 英语
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| 摘要 | We show that decentralized privately created money with unstable values can hinder the traded, more transaction-friction sensitive, sector of the economy. We do so in the context of the NationalBanking Act of 1864 in the United States that created a new federally-regulated, fully-backed currency as an alternative to the pre-existing money supply, which consisted of unsecured notes printed by thousands of local private banks. Using a discontinuous change across towns in the costs of accessing this new type of stable, federally-backed money as a natural experiment, we show that places gaining access to the new currency experienced a shift in the composition of agricultural production from non-traded to traded goods and increased employment in trade-related professions. In addition, counties gaining access to the new stable money increased their manufacturing output by sourcing more inputs, and they innovated more, all consistent with the stable currency improving their market access and allowing them to expand through trade. |
| 主题 | Macroeconomics
; Money and Interest Rates
; Monetary Policy
; International Economics
; Trade
; Financial Economics
; Financial Institutions
; History
; Macroeconomic History
; Financial History
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| URL | https://www.nber.org/papers/w30060
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587734
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推荐引用方式
GB/T 7714 |
Chenzi Xu,He Yang. Real Effects of Stabilizing Private Money Creation. 2022.
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文件名：
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w30060.pdf
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格式：
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Adobe PDF
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