Work in progress

"... a brig has more appeal than a dozen box cars 
while motor trucks cannot compete with schooners 
in matter of interest.' 
Albion, The Rise of New York Port (1939, p. 122).
Finance and urbanization in early nineteenth-century New York

Brief: Using information on the location of commercial banks in early nineteenth-century New York we show that the opening of a bank had a significant positive effect on the towns’ population after the banks opened.

Opening access: banks and politics in New York from the Revolution to the Civil War

Brief: In 1838 New York transformed bank formation from legislative prerogative to administrative procedure, aka free banking. This paper traces the evolution toward free banking as part of a democratic transition from natural state to open access order.
Were nineteenth-century workers permanent income savers?

Brief: Theories of household saving posit that households add or draw down wealth to equalize the discounted presented value of consumption over time. This paper examines the extent to which 19th-century urban industrial workers saved and dissaved to smooth consumption in response to income shocks.
Howard Bodenhorn,
Feb 3, 2017, 8:24 AM
Howard Bodenhorn,
May 23, 2017, 7:41 AM
Howard Bodenhorn,
Oct 1, 2017, 8:23 AM