¹ The lecture met with decidedly mixed reviews. In fact, there is speculation that the lecture was so tepidly received that Lincoln gave up on his career as a full-time lecturer and returned to politics (Emerson 2009).

² I refer to all institutions of higher education as “colleges” throughout.

¹ Civilian Production Administration. Alphabetic listing of major war supply contracts: cumulative June 1940 through September 1945, 1946.

² See Chodorow-Reich, Feiveson, Liscow, et al. (2012), Feyrer and Sacerdote (2011), Shoag (2013), and Wilson (2012) for estimates of the employment effects of ARRA.

³ Treasury Bulletin. United States Treasury Department, Office of the Secretary, February 1942–August 1947. https://fraser.stlouisfed.org/title/407#!6544 Note: because Series E war bonds could only be purchased by individuals and not by institutional investors, these war bond purchases are additive with bank deposit flows.

⁴ Office of the Comptroller of the Currency. Annual Report of the Comptroller of the Currency, 1938–1947. https://fraser.stlouisfed.org/title/56#19159

¹ See Baker, Bloom, and Davis (2016) for a summary of the literature on economic policy uncertainty. Mitchener and Weidenmier (2015) study exchange rate uncertainty under the classical gold standard, while Schmukler and Serven (2002) study the imperfect credibility of modern exchange rate pegs.

² Recent examples include Kim, Tesar, and Zhang (2015) and Niepmann and Schmidt-Eisenlohr (2017).

¹ Hatton and Williamson (1998) constitutes one of the few exceptions.

² The net annual migration rate 1870–1910 was about −4.2 per 1000 inhabitants. By comparison, the average rate in the Old World was about −3.08, with Ireland, Italy, and Norway displaying rates of −11.24, −9.25, and −5.25, respectively (Taylor and Williamson 1997).

³ This chapter is co-authored with Mounir Karadja.

⁴ This chapter is co-authored with David Andersson and Thor Berger.

⁵ This chapter is co-authored with David Andersson and Mounir Karadja.

¹ The LLR as understood in my dissertation is an ad-hoc or permanent institution which provides an elastic source of liquidity for the benefit of all financial intermediaries during a systemic liquidity crisis. As the monopoly issuers of currency, central banks are in a natural position to act as LLRs.