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Journal Article
The Rise and Decline of Petersburg, Va.
Early Virginians looked at Petersburg, with its location on the Appomattox River, as a town of economic vibrancy and promise. Incorporated in 1748 by the Virginia General Assembly, the town fulfilled that early promise and grew to become the commonwealth's third independent city in 1850. But turmoil as well as prosperity for Petersburg were ahead. {{p}} Throughout its 270 years, three factors have dominated Petersburg's economic history: tobacco, trade, and transportation. The city's early economic prominence was due to its tobacco plantations and warehouses as well as various mills powered ...
Journal Article
Economic History: The Rise and Fall of Company Towns
The rise and fall of Gary — and that of company towns across the country — mirrors the arc of the nation's economy. From the textile mills of the early 1800s to the coal mines of the 20th century to the manufacturing hubs that defined America's industrial prowess, the story of the United States can be told through the company town. It is a tale of abundance and abandonment, boom and bust, plenty and poverty.
Journal Article
When Banking Was 'Free'
From 1837 until the Civil War, currency issuance and banking were left to the states. Can this era offer lessons for today's cryptocurrency boom?
Newsletter
Fruit of the Boom: The Impact of the Industrial Revolution on Economic Growth
This article uses the history of the Industrial Revolution to highlight economic growth in eighteenth century England.
Journal Article
The political origins of Section 13(3) of the Federal Reserve Act
At the height of the financial crisis of 2007-09, the Federal Reserve conducted emergency lending under authority granted to it in the third paragraph of Section 13 of the Federal Reserve Act. This article explores the political and legislative origins of the section, focusing on why Congress chose to endow the central bank with such an authority. The author describes how in the initial passage of the act in 1913, Congress demonstrated its steadfast commitment to the ?real bills? doctrine in two interrelated ways: 1) by limiting what assets the Fed could purchase, discount, and use as ...
Speech
Opening Remarks at The 2026 Federal Reserve Financial and Monetary History Conference
Opening Remarks at The 2026 Federal Reserve Financial and Monetary History Conference.
Working Paper
Current Federal Reserve Policy Under the Lens of Economic History: A Review Essay
This review essay is intended as a critical review of Humpage (2015), and it expands on the issues raised in that volume. Federal Reserve Policy during the financial crisis, and in its aftermath are addressed, along with the relationship to historical experience in the U.S. and elsewhere in the world.
Journal Article
A Short History of Long-Term Mortgages
Americans take today's selection of mortgages for granted, but financing a home is a much different experience than it was a century ago.
Working Paper
Slow capital, fast prices: Shocks to funding liquidity and stock price reversals
A V-shaped price pattern is often observed in financial markets - in response to a negative shock, prices fall "too far" before reversing course. This paper looks at one particular channel of such patterns: the link between a liquidity provider's balance sheet and asset prices. I examine a well-identified historical case study where a large exogenous shock to a liquidity provider's balance sheet resulted in severe capital constraints. Using evidence from German universal banks, who acted as market makers for selected stocks in the interwar period, I show in a difference-in-differences ...
How Much Debt Is Too Much? What History Shows
The U.K. had relatively high levels of public debt in the past 300 years, with its debt-to-GDP ratio exceeding 200% at times.