Financial Asset Ownership and Political Partisanship: Liberty Bonds and Republican Electoral Success in the 1920s

Hilt, Eric; Rahn, Wendy M.

doi:10.3386/w24719

Cited by 10 publications

(9 citation statements)

References 31 publications

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“…NPIs affected mortality, as is known from the epidemiological literature, but had limited implications for contemporaneous economic outcomes. Given the peculiar nature of the epidemic, affecting the labor force through mortality but mostly through incapacitation, the negative direct impact of NPIs (if any) was compensated by the mitigation of the labor supply 31 The pandemic has been studied by economists for its demographic consequences (Clay, Lewis, and Severnini 2018) or as an instrument to investigate various questions (Hilt and Rahn 2018). 32 The June version of the same paper nuances the findings somewhat.…”

Section: Discussion Related Literature and Conclusionmentioning

confidence: 99%

What Happened to the US Economy During the 1918 Influenza Pandemic? A View Through High-Frequency Data

Velde¹

2020

SSRN Journal

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Burns and Mitchell (1946, 109) found a recession of "exceptional brevity and moderate amplitude." I confirm their judgment by examining a variety of high-frequency, aggregate and cross-sectional data. Industrial output fell sharply but rebounded within months. Retail seemed little affected and there is no evidence of increased business failures or stressed financial system. Cross-sectional data on manufacturing employment indicates that most of the recession, brief as it was, was due to the Armistice rather than the epidemic. Data from the nationwide coal industry documents the sharp but shortlived impact of the epidemic on labor supply and the lack of spill-overs on demand.City-level economic indicators show that the (brief) interventions to hinder the contagion reduced mortality at little economic cost because reduced infections mitigated the impact on the labor force.

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Section: Discussion Related Literature and Conclusionmentioning

confidence: 99%

What Happened to the US Economy During the 1918 Influenza Pandemic? A View Through High-Frequency Data

Velde¹

2020

SSRN Journal

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“…The pandemic has been studied by economists for its demographic consequences(Clay, Lewis, and Severnini 2018) or as an instrument(Parman 2015;Hilt and Rahn 2018).…”

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confidence: 99%

What Happened to the U.S. Economy during the 1918 Influenza Pandemic? A View Through High-Frequency Data

Velde¹

2022

J. Econ. Hist.

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An economic downturn coincided with the start of the epidemic but the recession was short and moderate, compared with that of 1920/21. Cross-sectional high-frequency data indicate that the epidemic affected the labor supply sharply but briefly with no ensuing spill-overs; most of the recession, brief as it was, was due to the end of the war. I analyze weekly city-level mortality data and economic indicators with time series methods and structural estimation of an economic-epidemiological model: interventions to hinder the contagion reduced mortality at little economic cost, probably because reduced infections mitigated the impact on the labor force.

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“…To finance World War I, the Department of the Treasury sold Liberty Bonds to the general public in a series of loan drives. The success of these drives depended greatly on volunteers from civil society organizations (Hilt and Rahn 2020).…”

Section: Study Population and Potential For Record Linkagementioning

confidence: 99%

Life-Course Transitions in Rural Residence and Old-Age Mortality in Iowa, 1930–2014

Roberts

Rahn

Lazovich

2022

rsf

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We thank the participants in the "Growing up in Rural America" workshop, the editors, and three anonymous reviewers for their comments on earlier drafts of the manuscript. We particularly thank Reviewer 2 for constructive engagement with the paper and concrete suggestions for improvement. We thank the University of Minnesota Office of the Vice President for Research for supporting data collection through a Grant in Aid (#23111), and gratefully acknowledge support from the Minnesota Population Center (P2C HD041023) funded through a grant from the Eunice Kennedy Shriver National Institute for Child Health and Human Development. Shannyn Telander and Leah Engelman provided valuable exemplary research assistance with the record linkage. We thank the subjects of the Iowa Women's Health Study for their participation in many waves of data collection.

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Financial Asset Ownership and Political Partisanship: Liberty Bonds and Republican Electoral Success in the 1920s

Cited by 10 publications

References 31 publications

What Happened to the US Economy During the 1918 Influenza Pandemic? A View Through High-Frequency Data

What Happened to the US Economy During the 1918 Influenza Pandemic? A View Through High-Frequency Data

What Happened to the U.S. Economy during the 1918 Influenza Pandemic? A View Through High-Frequency Data

Life-Course Transitions in Rural Residence and Old-Age Mortality in Iowa, 1930–2014

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