American Economic Journal:
Macroeconomics
ISSN 1945-7707 (Print) | ISSN 1945-7715 (Online)
A New History of Banking Panics in the United States, 1825-1929: Construction and Implications
American Economic Journal: Macroeconomics
vol. 7,
no. 3, July 2015
(pp. 295–330)
Abstract
There are two major problems in identifying the output effects of banking panics of the pre-Great Depression era. First, it is not clear when panics occurred because prior panic series differ in their identification of panic episodes. Second, establishing the direction of causality is tricky. This paper addresses these two problems (i) by deriving a new panic series for the 1825-1929 period and (ii) by studying the output effects of major banking panics via vector autoregression (VAR) and narrative-based methods. The new series has important implications for the history of financial panics in the United States. (JEL E32, E44, G21, N11, N12, N21, N22)Citation
Jalil, Andrew J. 2015. "A New History of Banking Panics in the United States, 1825-1929: Construction and Implications." American Economic Journal: Macroeconomics 7 (3): 295–330. DOI: 10.1257/mac.20130265Additional Materials
JEL Classification
- E32 Business Fluctuations; Cycles
- E44 Financial Markets and the Macroeconomy
- G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
- N11 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: Pre-1913
- N12 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: 1913-
- N21 Economic History: Financial Markets and Institutions: U.S.; Canada: Pre-1913
- N22 Economic History: Financial Markets and Institutions: U.S.; Canada: 1913-