• A Long Run House Price Index: The Herengracht Index, 1628-1973
    • “In this paper I introduce a biennial historic index of real estate values for the period 1628 through 1973. This index is based on the transactions of the buildings on the Herengracht, one of the canals in Amsterdam… The average real price increase after World War Two is about 3.2 percent per annum. Nevertheless, the real value of the index in 1973 is only twice as high as it was in 1628.”
  • Eight Centuries of the Risk-Free Rate Bond Market Reversals
    • “This paper presents a new data set for the annual risk-free rate in both nominal and real terms going back to the 13th century. On this basis, we establish for the first time a long-term comparative investigation of ‘bond bull markets’.”
  • Making the Market: Trading Debt at the Eighteenth-Century Bank of England
    • “The Bank dealt with this seeming contradiction by attempting to create both physical and commercial separation between the business of managing the public credit and the business of trading the government’s debt. This paper will show that these attempts were largely unsuccessful but that the implications of those failures for the credibility of Britain’s public finances were not entirely negative.”
  • The Economic Effects of Innovation, Regulation, and Reputation on Derivatives Trading
    • “Using the substantial pamphlet press in London focused on the stock exchange during the early 18th century this paper analyzes some of the economic explanations for the existence of financial derivatives, emphasizing their ability to generate liquidity and participation via reduced transactions costs. I document The regulatory response intending to shut down the derivative trade, noting how such efforts only gained traction during market downturns.”

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