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An Annual Index of U. S. Industrial Production, 1790-1915

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  • Joseph H. Davis
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    Abstract

    As a remedy for the notorious deficiency of pre-Civil War U. S. macroeconomic data, this study introduces an annual index of American industrial production consistently defined from 1790 until World War I. The index incorporates 43 quantity-based annual series (most entirely new) in the manufacturing and mining industries in a manner similar to the Federal Reserve Board's monthly industrial production index. The index changes our view of the growth and volatility of the U. S. economy before World War I. A direct implication of the index is that antebellum-postbellum differences in industrial volatility are statistically indistinguishable. The index also demonstrates that the pernicious deflationary depressions that purportedly followed the financial panics in 1837 and 1873 were actually rather mild recessions when expressed in real output. © 2004 MIT Press

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    Bibliographic Info

    Article provided by MIT Press in its journal The Quarterly Journal of Economics.

    Volume (Year): 119 (2004)
    Issue (Month): 4 (November)
    Pages: 1177-1215

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    Handle: RePEc:tpr:qjecon:v:119:y:2004:i:4:p:1177-1215

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    Web page: http://mitpress.mit.edu/journals/

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    Web: http://mitpress.mit.edu/journal-home.tcl?issn=00335533

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    1. The Panic of 2008
      by Barry Ritholtz in the big picture on 2009-04-06 19:04:58
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    Cited by:
    1. Selgin, George & Lastrapes, William D. & White, Lawrence H., 2012. "Has the Fed been a failure?," Journal of Macroeconomics, Elsevier, vol. 34(3), pages 569-596.
    2. Kupiec, Paul H. & Ramirez, Carlos D., 2013. "Bank failures and the cost of systemic risk: Evidence from 1900 to 1930," Journal of Financial Intermediation, Elsevier, vol. 22(3), pages 285-307.
    3. Giesecke, Kay & Longstaff, Francis A. & Schaefer, Stephen & Strebulaev, Ilya A., 2014. "Macroeconomic effects of corporate default crisis: A long-term perspective," Journal of Financial Economics, Elsevier, vol. 111(2), pages 297-310.
    4. Ellis W. Tallman, 2012. "The Panic of 1907," Working Paper 1228, Federal Reserve Bank of Cleveland.

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