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Zonder onderwerpscode: economie

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In this paper we revisit the debate over the role of the banking panics in 1930-33 in precipitating the Great Contraction. The issue hinges over whether the panics were illiquidity shocks and hence in support of Friedman and Schwartz (1963) greatly exacerbated the recession which had begun in 1929, or whether they largely reflected insolvency in response to the recession caused by other forces. Based on a VAR and new data on the sources of bank failures in the 1930s from Richardson (2007), we find that illiquidity shocks played a key role in explaining the bank failures during the Friedman and Schwartz banking panic windows. In the recent crisis the Federal Reserve learned the Friedman and Schwartz lesson from the banking panics of the 1930s of conducting expansionary open market policy to meet demands for liquidity. Unlike the 1930s the deepest problem of the recent crisis was not illiquidity but insolvency and especially the fear of insolvency of counterparties.

Zonder onderwerpscode: economie

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In this paper we investigate the relationship between loose monetary policy, low inflation, and easy bank credit with asset price booms. Using a panel of up to 18 OECD countries from 1920 to 2011 we estimate the impact that loose monetary policy, low inflation, and bank credit has on house, stock and commodity prices. We review the historical narratives on asset price booms and use a deterministic procedure to identify asset price booms for the countries in our sample. We show that “loose” monetary policy – that is having an interest rate below the target rate or having a growth rate of money above the target growth rate – does positively impact asset prices and this correspondence is heightened during periods when asset prices grew quickly and then subsequently suffered a significant correction. This result was robust across multiple asset prices and different specifications and was present even when we controlled for other alternative explanations such as low inflation or “easy” credit.

Zonder onderwerpscode: economie

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Imaging of the temporal bone has recently been advanced with multidetector CT and high-field MR imaging to the point where radiologists and clinicians must familiarize themselves with anatomy that was previously not resolvable on older generation scanners. Most anatomic reference texts rely on photomicrographs of gross temporal bone dissections and low-power microtomed histological sections to identify clinically relevant anatomy. By contrast, this unique temporal bone atlas uses state of the art imaging technology to display middle and inner ear anatomy in multiplanar two- and three-dimensional formats. In addition to in vivo imaging with standard multidetector CT and 3-T MR, the authors have employed CT and MR microscopy techniques to image temporal bone specimens ex vivo, providing anatomic detail not yet attainable in a clinical imaging practice. Also included is a CD that allows the user to scroll through the CT and MR microscopy datasets in three orthogonal planes of section. It is the authors’ hope that applying these microscopic imaging techniques to the study of the temporal bone will lead to greater degrees of diagnostic accuracy using current and future clinical imaging tools.

Radiotherapy. Isotope therapy --- Physical methods for diagnosis --- Neuropathology --- neurologie --- radiologie --- medische beeldvorming

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The relationships among the weather, agricultural markets, and financial markets have long been of interest to economic historians, but relatively little empirical work has been done. We push this literature forward by using modern drought indexes, which are available in detail over a wide area and for long periods of time to perform a battery of tests on the relationship between these indexes and sensitive indicators of financial stress. The drought indexes were devised by climate historians from instrument records and tree rings, and because they are unfamiliar to most economic historians and economists, we briefly describe the methodology. The financial literature in the area can be traced to William Stanley Jevons, who connected his sun spot theory to rainfall patterns. The Dust bowl of the 1930s brought the climate-finance link to the attention of the general public. Here we assemble new evidence to test various hypotheses involving the impact of extreme swings in moisture on financial stress.

Zonder onderwerpscode: economie