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I decompose the market value of Colonial New Jersey's paper money into its component parts, namely its real-asset present value and transaction premium. Its market value was predominately determined by its real-asset present value. I also find a small transaction premium that is positively associated with the quantity of paper money in circulation and with the land-bank method of paper money injection. This paper money was not a fiat currency. It traded below face value due to time-discounting not depreciation. [ABSTRACT FROM AUTHOR]

Chronicles technological changes in the pulp and paper industry in the United States between 1915 and 1940. Patterns of changes that have been identified; Presentation of a theoretical framework for induced innovation.

Discusses paper money issues in the American colonies from 1720 to 1774. Misinterpretation of the colonial monetary policies; Overview of the political background of British monetary policies in the colonies; Controversy over colonial practices during the period.

Discusses the relationship between state-issued currency and the ratification of the United States Constitution. Significance of paper money on the economic policies of the colonial legislatures; Role of the constitution on the regulation of money; Importance of state paper money on the money supply of the colonies in the 1700s.

The article discusses the exact amount of the money issued by the United States Congress for the financing of the American Revolution. During the revolution, Congress released paper money otherwise called Continental dollars to finance its expenditures. Past literatures have claimed the exact amount spent but they left behind unclear and conflicting estimates. The article traces back the transactions that took place from the enactment to disbursement of the dollars. The article presents supporting tables on estimates and cumulative total net emissions of the continental dollars.

Comments on articles about the economic history of the United States. Economic development of the country; Application of eminent domain on expropriate private property for public purposes; Stability of property rights in the country's legal order.

Explores how the banks chartered by states in the United States (U.S.) provide a source of flexibility in state public finance following the decision of the U.S. Constitution to remove the states' power to issue paper money. Role of investment earnings and tax revenues derived from banks in state public finance; Importance of state-bank relationships to public finance.

Comments on an article about private banking in the United States. Discussion on the work of economist Herman Kross; Details of economic history; Perception on the role of private bankers.

Comments on articles about economic and business history in the United States. Details of private banking; Views on capital accumulation.

Comments on several articles about the economic development of the United States. Factors that changed income distribution in the country; Arguments on the growth of demand from capital-intensive subsectors.

Comments on an article about the agricultural productivity of Pennsylvania in 18th century. Discussion on economic development; Details of income distribution; Performance of the agriculture sector in the state.

Comments on an article about the pattern of population growth in farm areas of northern United States. Discussion on population history; Application of cross-sectional analysis; Details of farm settlements.

Presents a comparison of the colonial monetary policy during the Seven Years' War. Effect of the standards used by states to finance the war; Factors to be attributed to the success of war finance in Pennsylvania, New York and South Carolina.

Comments on an article about wealth inequality in the United States during the 19th and 20th centuries. Discussion on income distribution; Intergenerational wealth rankings in the country; Criteria on the aggregate wealth of rich families.

Comments on essays about ethnic discrimination and immigrant mobility in the United States. Wage discrimination in the case of Japanese immigrants; Impact of community characteristics on occupational mobility of immigrants; Mobility of Jewish immigrants.

Presents an abstract of the paper `The Company Town, the Union, and the Mine Wars: The Role of Institution and Conflict in West Virginia's Early Mine-Labor Market,' by Lawrence W. Boyd, during the fifty-fifth annual meeting of the Economic History Association.

Presents an abstract of the paper `Establishing a Monetary Union: The United States's Experience,' by Arthur J. Rolnick, Bruce D. Smith and Warren E. Weber, presented at the fifty-fifth annual meeting of the Economic History Association.

Comments on an article about the development of textile industry in the southern region of the United States in 1800s. Discussion on textile labor force; Details of milling operations; Condition of the labor market in the industry.

Presents an abstract of the study `Possession is Nine Points of the Law: Land Auctions, Squatting, and the Preemption Acts,' by Mark T. Kanazawa, during the fifty-fifth annual meeting of the Economic History Association.

Presents an abstract of the paper `The Regional Distribution of Patents in the United States: Invention and Uneven Regional Development,' by Ross Thomson, during the fifty-fifth annual meeting of the Economic History Association.

Examines the role of fiscal and monetary policies in determining the changing value of the continental, and the consequences for real currency supply during and after the American Revolution. Approach taken by British colonies in the United States to address monetary scarcity.

Presents an abstract of a research paper entitled `Patents and the Paths of Innovation in American Railroading, 1846-1900,' by Steven W. Usselman, presented at the annual meeting of the Economic History Association.

Presents an abstract of the paper `Income Growth and Inequality: Considering the New York Housing Censuses, 1855-1875,' by Lee Soltow, during the fifty-fifth annual meeting of the Economic History Association.

Presents an abstract of the paper `Price and Quantum Indices of the United States-Cuba Trade, 1821-1898,' by Linda K. Salvucci and Richard J. Salvucci, during the fifty-fifth annual meeting of the Economic History Association.

We study the role of denominational competition in the expansion of higher education in the nineteenth-century United States. We document that nearly all colleges established in this period were affiliated with a Christian denomination. Empirical analysis reveals a robust positive relationship between the denominational fragmentation of the county and the number of colleges established. We take several steps to rule out competing explanations and also highlight the causal channel by utilizing two historical case studies. We conclude by estimating a model of school choice and showing that students exhibited strong preferences to attend same-denominational colleges in terms of willingness-to-pay and willingness-to-travel. Therefore, we argue that religious diversity softened the extent of tuition competition between institutions and precipitated an "excess" entry of schools. [ABSTRACT FROM AUTHOR]

The role of technology shocks as a driver of the Great Depression is the topic of our own earlier work and the paper by Watanabe in this issue. While the two studies differ in their data and assumptions, they complement each other and strengthen the conclusion of both papers: technology shocks were not the driving force of the Great Depression. [ABSTRACT FROM PUBLISHER]

Presents an abstract of the study `Down and Out or Up and Out? The Occupational and Financial Mobility of Nonpersisters in the Antebellum United States,' by Joseph P. Fernie, during the fifty-fifth annual meeting of the Economic History Association.

Provides information on different economic factors that led to the 1792 securities market crash in the First Bank of the United States (U.S.). Details on the economic history of the U.S.; Implication of the credit markets on financial institutions; Effect of low liquidity and speculations in the purchasing of bank notes and securities; Discussion on the banking system of the U.S.

The Classical Gold Standard period, with high capital mobility and fixed-exchange rates, is usually seen as the extreme case of international constraints on monetary policy. Contrary to this view, we show how central bank balance sheets offset the effects of international shocks on domestic interest rates. In contrast, in the United States, a gold standard country without a central bank, the reaction of money market rates was two to four times stronger than that of interest rates in countries with a central bank. Our study is based on the monthly balance sheets of all central banks in the world (i.e., 21) from 1891–1913. [ABSTRACT FROM AUTHOR]

Discusses the involvement of the business sector in agrarian movement in the United States from 1879 to 1920. Issue on monopoly and unregulated power of the railroads in the 19th century.

Presents a reply on an article about the estimation of money demand during the colonial and Revolutionary periods in the United States. Interpretations on the comment of Ron Michener; Role of expectations from the question of stable money demand; Analysis of the discussion on aggregate real supply of money.

Examines the relationship between international trade and regional American credit markets. General agreement about the expansion of the American capital market; What the geographic expansion of the commercial paper market allowed.

Focuses on the two series of the dollar-sterling exchange rate presented from 1791 to 1834. Basis of the series; Use of the series to examine the gold points during the period; Overview of a study which covered the monetary standards and foreign exchange rate of the United States and Great Britain.

Presents an estimation of the volume of unaccounted currency issued during the middle two quarter of the 19th century in the United States. Significance of the phenomenon; Details of the emergence of unaccounted money.

Examines the behavior of the national capital market in the United States during the 1888-1913 period through the analysis of short-term interest rates. Information on interest rates; Method used to examine the convergence of interest rates from different reserve cities; Factors which may have contributed to the movements of the rates.

Discusses the factors which contributed to the demand for money in small denominations in the United States during the nineteenth century. Types of money in small denominations; Relation between inflation and the appearance of small notes; Argument against small notes which was presented by Adam Smith in his book `Wealth of Nations'; Public policy with respect to issues of small notes.

Investigates the relationship between the increase in average productivity and the accelerated application of scientific information in the manufacturing industry in the United States in the 1920s. Increase efficiency of production facilities; Transformation in industrial investment; Opportunities for mass-production innovations.

The article informs that the sixty-fourth annual meeting of the Economic History Association will be held in San Jose, California from 10-12 September, 2004. Many of the sessions will be focused on the theme "Technological Change and Economic Growth in History." The program committee encourages submissions that provide a historical or interdisciplinary perspective on key issues in technological change, social and economic innovation, productivity, and economic growth. Graduate students are encouraged to attend. Complete information regarding the program schedule and other details are provided in the article.

Presents an abstract of a conference paper on the origins of the U.S. Better Business Bureau.

The article focuses on wage inflation surged in the 1930s though unemployment remained high and output below trend although unemployment remained high and output low relative to the pre-Depression trend. It mentions explanations include New Deal labor policies, hysteresis in unemployment, downward nominal wage rigidity, and a new Keynesian expectational mechanism. It also mentions monetary policies would have boosted real activity and created anomalous inflation by raising future price level.

Focuses on several studies on the labor force and the economic history of the United States. Opinion on the NBER Income and Wealth series; Specific topics of the studies by Thomas Weiss, Claudia Goldin and B. W. Higman; Assessment on the studies.

Most American financial crises of the postbellum gold standard era were caused by fluctuations in the cotton harvest due to exogenous factors such as weather. The transmission channel ran through export revenues and financial markets under the pre-1914 monetary regime. A poor cotton harvest depressed export revenues and reduced international demand for American assets, which depressed American stock prices, drained deposits from money center banks and precipitated a business cycle downturn—conditions that bred financial crises. The crises caused by cotton harvests could have been prevented by an American central bank, even under gold standard constraints. [ABSTRACT FROM PUBLISHER]

Presents an abstract of a conference paper comparing the development of corporations in Great Britain and the U.S.

With passage of the Federal Reserve Act in 1913, the institutional structure necessary to support an American market for bankers' acceptances was created. This article examines the development of the secondary market for bankers' acceptances during its first 20 years. It provides evidence that discount market liquidity increased dramatically during the 1920s and helped the dollar acceptance challenge the sterling bill as an important source of trade finance around the world. The Federal Reserve Banks played a key role by reducing the risk borne by private dealers and propelling the market to a high-liquidity equilibrium. [ABSTRACT FROM AUTHOR]

Presents an abstract of a conference paper on an understanding of general purpose technologies adoption patterns in the electrification of U.S. manufacturing from 1880 to 1930.

The economic history of the United States is that of Europeans and their institutions. Indigenous nations are absent. This absence is partly due to a lack of data but perhaps also to a perception that Indigenous communities contributed little to U.S. growth. Three case studies explore the economic complexity and social stratification across different nations/regions prior to contact. Migrants to the United States came not to an empty land but one with settled agriculture, complex production processes, and extensive trade relations, upon which Europeans built. [ABSTRACT FROM AUTHOR]

Presents a reply to Gene Smiley's comment on a study of 19th-century United States (U.S.) financial markets. Arguments of Smiley about the net rates of return on earnings assets and the New York Stock Exchange; Justification for using net returns in the analysis of the integration in the 19th-century capital markets; Details of bank lending in the U.S.

Presents a study which explained the episode of United States Federal Reserve behavior during the Depression era on monetary policy, loan liquidation and industrial conflict. How the government protected bank profits.

Examines the founding and early work of the California Marine Research Committee established in 1947 by the state legislature in response to the catastrophic failure of the Pacific Coast sardine fishery. Explanation on how a stalemate occurred that delayed a consensus on policy recommendations; Implication of the delayed policy recommendations for the sardine fishing industry.

Examines the transformation of the United States government into a fiscal system during the Great Depression of 1932-1940. Expansion of fiscal activity in state governments; Role of the federal New Deal program in the economic growth of local and state governments.