Within the turmoil of the Norman Conquest, did religious institutions affect the economic outcomes of their land? Exploiting historical data about the changes in holdings’ lordship that occurred after the Conquest, we compare the economic performance of estates controlled by different types of lords. Holdings controlled by Benedictine monasteries (vis-à-vis secular lords) experienced a better performance, although, once accounting for the unchanging upper level of the feudal structure, we cannot fully disentangle this effect from the persistence of Benedictine Overlordship. A comparison with Celtic monasteries, with a different organizational structure, suggests a role for the governance structure of Benedictine monasteries.

Due to a dearth of data, nineteenth century lending to sovereign borrowers was a blind date. We argue this is the reason for collateral pledges found in contemporary lending covenants, which enabled not execution, but the production of reliable fiscal data. Lawyers injected collateral clauses in sovereign debt covenants to permit credible disclosure of hard-to-access tax data. The study foregrounds the importance of big law firms as financial intermediaries and information producers. It also contributes a new view on the role played by contracts in sovereign debt.

What was the impact of urban political structure on preindustrial wealth inequality? I document that more closed political institutions were associated with higher inequality in a panel of early-modern German cities. To investigate the mechanisms behind that macro-relationship, I construct a unique individual-level panel dataset on personal wealth and political office-holding in the city-state of Nördlingen (1579–1700). I employ a difference-in-differences setting to show that political elites enriched themselves substantially, increasing inequality. To address endogeneity concerns, I exploit the Thirty-Years’ War as a shock to elites’ potential for enrichment from public office. Officials manipulated this crisis to enrich themselves further.

This paper uses a new linked sample constructed from full-count census data of 1851–1911 to revise estimates of intergenerational occupational mobility in England. I find that conventional estimates of intergenerational elasticities are attenuated by classical measurement error and severely underestimate the extent of father-son association in socioeconomic status. Instrumenting one measure of the father’s outcome with a second measure of the father’s outcome raises the intergenerational elasticities (β) of occupational status from 0.4 to 0.6–0.7. Victorian England was therefore a society of limited social mobility. The long-run evolution and international comparisons of social mobility in England are discussed.

In this paper, we study newspaper partisan behavior and content, which we measure using coverage of and commentary on partisan activities, institutions, and actors. We use this measure to describe the levels of relative partisan behavior during the period 1880 to 1900, and to describe changes over the period 1880 to 1980. We find that, on average, newspapers were initially highly partisan, but gradually became less partisan over time. Importantly, we find as much change after the 1910s as before, which contributes to the existing literature that focuses on changes in the nineteenth and early twentieth centuries. We also investigate words and phrases that had negative or positive partisan connotations in particular periods. Finally, we examine whether some of the common hypotheses offered in the literature can account for the changes. The initial findings suggest that these explanations can only account for part of the decline.

This paper examines the identity and origins of Swedish inventors prior to WWI, drawing on the universe of patent records linked to census data. We document that the rise of innovation during Sweden’s industrialization can largely be attributed to a small industrial elite belonging to the upper-tail of the economic, educational, and social status distribution. Analyzing children’s opportunities to become inventors, we show that inventors were disproportionately drawn from privileged family backgrounds. However, innovation was a path to upward mobility for the middle- and working-class children that managed to overcome the barriers to entry.

The 1965 Immigration Act represented a radical shift in U.S. policy, which has been credited with dramatically expanding the volume and changing the composition of immigration. Its passing has often been described as the result of political machinations negotiated within Congress without regard to public opinion. We show that congressional voting was consistent with public opinion on abolishing the country-of-origin quotas but not with the desire to limit the volume of immigration. While the former initially reflected attitudes toward civil rights, the latter is consistent with contemporary expectations that the expansion in numbers would be modest.

New data covering 23 countries reveal that banking crises of the Great Depression coincided with a sharp international increase in deposits at savings institutions and life insurance. Deposits fled from commercial banks to alternative forms of savings. This fueled a credit crunch since other institutions did not replace bank lending. While asset prices fell, savings held in savings institutions and life insurance companies increased as a share of GDP and in real terms. These findings provide new explanations for the fall in credit and aggregate demand in the 1930s. They illustrate the need to consider nonbank financial institutions when studying banking crises.

This paper shows how to remove attenuation bias in regression analyses due to measurement error in historical data for a given variable of interest by using a secondary measure that can be easily generated from digitized newspapers. We provide three methods for using this secondary variable to deal with non-classical measurement error in a binary treatment: set identification, bias reduction via sample restriction, and a parametric bias correction. We demonstrate the usefulness of our methods by replicating four recent economic history papers. Relative to the initial analyses, our results yield markedly larger coefficient estimates.

This paper examines the international role of sterling during the Bretton Woods era and argues that it was not a competitor to the U.S. dollar. I construct a novel dataset to measure the reserve role of sterling in Europe and sterling area countries. The postwar reserve role of sterling was limited to the sterling area and was artificial as this area was built as a captive market. I document how British authorities imposed exchange controls, commercial threats, and economic sanctions on sterling area countries to compel them to keep their foreign exchange reserves in sterling.

The paper analyzes family-level wealth inequality and social mobility in Dudelange (Luxembourg) over five generations between 1766 and 1872, a period that saw the end of feudal social relations. While the integration of Luxembourg into the French revolutionary regime produced a reduction in the Gini coefficient for the ownership of land, the social mobility analysis reveals a relative stability of family positions within the land-wealth distribution throughout the period. This shows that family-level transmission mechanisms limit social mobility and strongly advantage those with ancestors owning property wealth, even when there are significant changes in the organization of property relations.