Credit markets, including the market for bank loans, are characterized by imperfect and
asymmetric information. These informational frictions can interact with other economic forces …

We provide new evidence that a disruption in credit supply played a quantitatively significant
role in the unprecedented contraction of employment during the Great Depression using a …

This article surveys the recent empirical literature on historical banking crises, defined as
events taking place before 1980. Advances in data collection and identification have …

The effect of financial crises on innovation is an unsettled and important question for
economic growth, but one difficult to answer with modern data. Using a differences-in …

We examine innovation following the Great Depression using data on a century's worth of
US patents and a difference-in-differences design that exploits regional variation in the crisis …

Economic growth is persistently low following a financial crisis, possibly because of a
continuing weal banking system. In a financial crisis bank health is significantly damaged …

Abstract Using General Sherman's March through Georgia, South Carolina, and North
Carolina during the Civil War, we study the effect of capital destruction on medium-and long …

I study the effect of financial crises on local public good provision using novel archival panel
data on US cities and municipal bonds during the 1920s and 1930s. Cities issue debt to …

Owning a home has long been touted as a key component of the idealized “American
Dream.” Homeownership is associated with greater wealth and better health, but the causal …

Using a novel data set of over 3,500 public and private firms, we construct the network of
executive and director connections prior to the 1929 financial market crash. We find that …