Review The Vagaries of the Sea
The Vagaries of the Sea High quality books The Vagaries of the Sea By:Adam Brzezinski,Yao Chen,Nuno Palma,Felix Ward Published on 2019 by We exploit a recurring natural experiment to identify the effects of money supply shocks: maritime disasters in the Spanish Empire (1531-1810) that resulted in the loss of substantial amounts of monetary silver. A one percentage point reduction in the money growth rate caused a 1.3% drop in real output that persisted for several years. The empirical evidence highlights nominal rigidities and credit frictions as the primary monetary transmission channels. Our model of the Spanish economy confirms that each of these two channels explain about half of the initial output response, with the credit channel accounting for much of its persistence. This Book was ranked at 28 by Google Books for keyword Credit channel. Book ID of The Vagaries of the Sea's Books is GTguywEACAAJ, Book which was written byAdam Brzezinski,Yao Chen,Nuno Palma,Felix Wardhave E...
