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Working Paper
Mercantilism as strategic trade policy: the Anglo-Dutch rivalry for the East India trade
Irwin, Douglas A. (1990)
This paper provides a reinterpretation of seventeenth-century mercantilist trade doctrine and policy in light of recent theories of strategic trade policy. Mercantilist economic thought, like strategic export-promotion theories, emphasized the use of government policy to capture rents that arise from imperfect competition in international trade. The economic structure of the Anglo-Dutch rivalry for the East India trade provides an excellent illustration of an environment in which the profit-shifting motive for strategic trade policies exists. Using data from the seventeenth-century East India ...
International Finance Discussion Papers , Paper 392

Working Paper
Slow capital, fast prices: Shocks to funding liquidity and stock price reversals
Gissler, Stefan (2015-02-27)
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 ...
Finance and Economics Discussion Series , Paper 2015-43

Journal Article
Opinion : Why the Great Depression matters
Slivinski, Stephen (2008-10)
Perhaps the most important lesson to take from the Great Depression is that policymakers should follow the Hippocratic Oath: First, do no harm.
Econ Focus , Volume 12 , Issue Fall , Pages 40

Journal Article
Economic history : Monetary policy in the Confederacy
Nielsen, Eric R. (2005-10)
Econ Focus , Volume 9 , Issue Fall , Pages 40-43

Working Paper
Current Federal Reserve Policy Under the Lens of Economic History: A Review Essay
Williamson, Stephen D. (2015-07-09)
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.
Working Papers , Paper 2015-15

Journal Article
Milton Friedman and U.S. monetary history: 1961-2006
Nelson, Edward (2007-05)
This paper, using extensive archival material from several countries, brings together scattered information about Milton Friedman's views and predictions regarding U.S. monetary policy developments after 1960 (i.e., the period beyond that covered by his and Anna Schwartz's Monetary History of the United States). The author evaluates these interpretations and predictions in light of subsequent events.
Review , Volume 89 , Issue May , Pages 153-182

Working Paper
The Evolving Core of Usable Macroeconomics for Policymakers
Fisher, Jonas D. M.; Hobijn, Bart; Villa, Alessandro (2025-02-27)
We provide a brief primer on how the core of usable macroeconomic theory for monetary policymakers has evolved over the past 50 years. Today’s policy discussions center on the New Keynesian (NK) synthesis, which builds on the Neoclassical growth model and the AS-AD framework. It incorporates nominal and real rigidities, financial and labor market frictions, the importance of expectations, and inspired terms used by policymakers such as “anchored inflation expectations” and “forward guidance.” While essential for communication during the Great Recession and Covid-19 pandemic, these ...
Working Paper Series , Paper WP 2025-02

Journal Article
The shadow of the Great Depression and the inflation of the 1970s
DeLong, J. Bradford (1998)
FRBSF Economic Letter

Newsletter
How Concentrated Is the Clearing Ecosystem and How Has It Changed Since 2007?
Patel, Ketan B. (2024-07)
After the global financial crisis of 2008–09, regulators across the globe enacted regulations to repair and strengthen financial markets. Part of the regulations were to mandate that more financial market contracts are cleared through central counterparties (CCPs). CCPs are financial institutions that guarantee performance of a financial contract—typically the buying and selling of contracts related to securities or derivatives. In the United States, the regulations for central clearing were established by the Dodd–Frank Act in 2010 and further promulgated by rules enacted by the ...
Chicago Fed Letter , Volume 497 , Pages 9

Report
Growth uncertainty and risksharing
Van Wincoop, Eric; Athanasoulis, Stefano (1997-10-01)
We propose a new methodology to evaluate the gains from global risksharing that is closely connected to the empirical growth literature. We obtain estimates of residual risk (growth uncertainty) at various horizons from regressions of country-specific deviations from world growth on a wide set of variables in the information set. Since this residual risk can be entirely hedged, we use it to obtain a measure of welfare gain that can be achieved by a representative country. We find that nations can reap very large benefits from engaging in such risksharing arrangements. Using post-war data, the ...
Staff Reports , Paper 30

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