Replication data for: A New History of Banking Panics in the United States, 1825-1929: Construction and Implications

Principal Investigator(s):  View help for Principal Investigator(s) Andrew J. Jalil

Version:  View help for Version V1

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Project Citation: 

Jalil, Andrew J. Replication data for: A New History of Banking Panics in the United States, 1825-1929: Construction and Implications. Nashville, TN: American Economic Association [publisher], 2015. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E114077V1

Project Description

Summary:  View help for Summary There are two major problems in identifying the output effects of banking panics of the pre-Great Depression era. First, it is not clear when panics occurred because prior panic series differ in their identification of panic episodes. Second, establishing the direction of causality is tricky. This paper addresses these two problems (i) by deriving a new panic series for the 1825-1929 period and (ii) by studying the output effects of major banking panics via vector autoregression (VAR) and narrative-based methods. The new series has important implications for the history of financial panics in the United States. (JEL E32, E44, G21, N11, N12, N21, N22)

Scope of Project

Subject Terms:  View help for Subject Terms Banking Panics; Historical Crises
JEL Classification:  View help for JEL Classification
      E32 Business Fluctuations; Cycles
      E44 Financial Markets and the Macroeconomy
      G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
      N11 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: Pre-1913
      N12 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: 1913-
      N21 Economic History: Financial Markets and Institutions: U.S.; Canada: Pre-1913
      N22 Economic History: Financial Markets and Institutions: U.S.; Canada: 1913-
Geographic Coverage:  View help for Geographic Coverage United States
Time Period(s):  View help for Time Period(s) 1825 – 1929
Data Type(s):  View help for Data Type(s) aggregate data
Collection Notes:  View help for Collection Notes N?A

Methodology

Data Source:  View help for Data Source Historical issues of three newspapers: Niles Register, Hunts' Merchants Magazine and Commercial Review, and Commercial and Ficial Chronicle. Davis, Joseph H. 2004. "An Annual Index of U.S. Industrial Production, 1790-1915." Quarterly Journal of Economics, 119(4): 1177-1215. Long, Clarence D. 1940. Building Cycles and the Theory of Investment. Princeton: Princeton University Press.
Unit(s) of Observation:  View help for Unit(s) of Observation Banking Panics, Yearly,

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