WorldCat Identities

Rockoff, Hugh

Works: 93 works in 469 publications in 2 languages and 5,991 library holdings
Genres: History  Conference papers and proceedings 
Roles: Author, Editor, Other, 958
Publication Timeline
Most widely held works by Hugh Rockoff
Strategic factors in nineteenth century American economic history : a volume to honor Robert W. Fogel by Claudia Dale Goldin( )

20 editions published between 1992 and 2014 in English and held by 1,111 WorldCat member libraries worldwide

"Offering new research on strategic factors in the development of the nineteenth century American economy--labor, capital, and political structure--the contributors to this volume employ a methodology innovated by Robert W. Fogel, one of the leading pioneers of the "new economic history." Fogel's work is distinguished by the application of economic theory and large-scale quantitative evidence to long-standing historical questions." "These sixteen essays reveal, by example, the continuing vitality of Fogel's approach. The authors use an astonishing variety of data, including genealogies, the U.S. federal population census manuscripts, manumission and probate records, firm accounts, farmers' account books, and slave narratives, to address collectively market integration and its impact on the lives of Americans. Students of labor history will find essays that reveal which laborers gained from early industrialization, how labor markets of the period responded to macroeconomic disturbances, and what role was played by contract labor in northern agriculture. For those with interests in monetary and financial history, there are essays that examine antebellum financial market integration, the effects of disturbances in financial markets on the real economy, and the accumulation and distribution of wealth. Demographers will benefit from five innovative studies: one setting forth new period and cohort mortality estimates, another on nutrition and health among free African-Americans, a revealing portrait of the slave family, and, lastly, two explaining the fertility decline. Finally, three essays are devoted to political economy, one to railroad financing in Canada and two to the economic consequences of urban politics in the United States."
Drastic measures : a history of wage and price controls in the United States by Hugh Rockoff( Book )

17 editions published between 1984 and 2004 in English and held by 829 WorldCat member libraries worldwide

This is a history of America's use of wage and price controls from colonial times to Richard Nixon's experiment with controls in the 1970s. It explores the impact of controls on prices and productivity, side-effects such as the growth of black markets and the expansion of government, and the relationship between controls and monetary policy. The central conclusion is that, contrary to the conventional wisdom, there are situations where the net effect of controls can be positive. In particular, temporary controls may reduce the unemployment and lost output usually associated with disinflation
History of the American economy by Ross M Robertson( Book )

49 editions published between 1990 and 2018 in English and Spanish and held by 568 WorldCat member libraries worldwide

Extensive account of economic forces that have molded American life from Colonial times to the present
America's economic way of war : war and the US economy from the Spanish-American War to the first Gulf War by Hugh Rockoff( Book )

18 editions published in 2012 in English and held by 522 WorldCat member libraries worldwide

"How did economic and financial factors determine how America waged war in the twentieth century? This important new book exposes the influence of economics and finance on the questions of whether the nation should go to war, how wars would be fought, how resources would be mobilized, and the long-term consequences for the American economy. Ranging from the Spanish-American War to the Gulf War, Hugh Rockoff explores the ways in which war can provide unique opportunities for understanding the basic principles of economics as wars produce immense changes in monetary and fiscal policy and so provide a wealth of information about how these policies actually work. He shows that wars have been more costly to the United States than most Americans realize as a substantial reliance on borrowing from the public, money creation and other strategies to finance America's war efforts have hidden the true cost of war."
The free banking era : a re-examination by Hugh Rockoff( Book )

10 editions published between 1972 and 1975 in English and Undetermined and held by 214 WorldCat member libraries worldwide

The Sinews of war : essays on the economic history of World War II( Book )

4 editions published in 1993 in English and held by 207 WorldCat member libraries worldwide

Coping with financial crises : some lessons from economic history by International Economic History Congress( )

9 editions published between 2017 and 2018 in English and held by 189 WorldCat member libraries worldwide

This edited volume is based on original essays first presented at the World Economic History Conference, Kyoto, Japan, in August 2015. It also includes three essays subsequently written especially for this volume. All of the essays focus on financial markets in the periods leading up to, during, and after financial crises, and all are based on new data and archival research. The essays in this volume enlarge the range of historical evidence on the causes and potential cures for financial crises. While not neglecting the United States or Britain, the usual focus of financial historians, it includes studies of financial markets in times of crisis in Japan, Sweden, France, and other countries to achieve a truly global and historical perspective. As a result of the research reported here the reader will be made aware of several neglected factors that have shaped financial crises including the most recent crisis. These factors are (1) the role played by monetary policy in causing and ameliorating crises, (2) the role played by international contagion in private financial markets in propagating financial crises, (3) the role played by variations in the institutional structures of financial markets in determining the impact of financial crises, and (4) the role played by the social background of the central bankers who must contend with financial crises in determining the final outcome
Price controls by Hugh Rockoff( Book )

10 editions published between 1991 and 1992 in English and held by 137 WorldCat member libraries worldwide

The gold standard as a "good housekeeping seal of approval" by Michael D Bordo( Book )

14 editions published between 1995 and 1996 in English and held by 102 WorldCat member libraries worldwide

In this paper we argue that adherence to the gold standard rule of convertibility of national currencies into a fixed weight of gold served as `a good housekeeping seal of approval' which facilitated access by peripheral countries to foreign capital from the core countries of western Europe. We survey the historical background of gold standard adherence in the period 1870-1914 by nine important peripheral countries. The sample includes the full range of commitment to the gold standard from continuous adherence, through intermittent adherence, to non-adherence. Evidence on the pattern of long-term government bond yields suggests that long-term commitment to the gold standard mattered even when bonds were denominated in gold: countries that remained on gold throughout the classical era were charged lower rates than countries that had a mixed record of adherence. Estimation of a CAPM model, using the differential between peripheral country rates and UK rates augmented by a list of "fundamentals", and a dummy variable to capture gold standard adherence, reveals that capital markets attached significant weight to gold standard adherence. Countries with poor adherence records were charged considerably more than those with good records, enough to explain the determined effort to stay on gold made by a number of capital importing countries
The changing role of America's veterans by Hugh Rockoff( )

13 editions published in 2001 in English and held by 99 WorldCat member libraries worldwide

This essay provides an historical background for understanding the statistics on veterans that will appear in the millennial edition of the Historical Statistics of the United States. It describes changes in the number of veterans, and in the benefits provided by governments to veterans, from colonial times to the present. It then discusses in broad terms how political and historical forces shaped the form and amount of benefits provided to veterans, and how the programs created for veterans in turn influenced the evolution of other government programs
Deflation, silent runs, and bank holidays, in the great contraction by Hugh Rockoff( Book )

11 editions published in 2003 in English and held by 93 WorldCat member libraries worldwide

This paper argues that the banking crises in the United States in the early 1930s were similar to the twin crises' -- banking and balance of payments crises -- which have occurred in developing countries in recent years. The downturn that began in 1929 undermined banks that had made risky loans in the twenties. The deflation that followed further weakened the banks, especially in rural areas where the deflation in prices and incomes was the greatest. Depositors in those areas began transferring their deposits to banks they regarded as safer, or purchasing bonds. These silent runs, ' essentially a capital flight, have been neglected in many accounts of the banking crises. But evidence from the Gold Settlement Fund (which recorded interregional gold movements) and from regional deposit movements suggests that silent runs were important, especially in the crucial year 1930. When the crisis worsened, state and local authorities began declaring bank holidays, ' which limited the right of depositors to make withdrawals, a movement that culminated in the declaration of a national bank holiday by President Roosevelt
Was adherence to the gold standard a "good housekeeping seal of approval" during the interwar period? by Michael Bordo( Book )

10 editions published in 1999 in English and held by 92 WorldCat member libraries worldwide

Abstract: World War I dramatically altered the world's financial landscape. Most countries left the gold standard, and New York replaced London as the major lender in world capital markets. This paper discusses how the gold exchange standard was reconstructed in the 1920s. We show that the U.S. capital market viewed returning to the gold standard as a signal of financial rectitude, what we have referred to in other work as a 'Good Housekeeping Seal of Approval.' When countries returned to gold, especially when they did so at the prewar parity, they were rewarded with the ability to borrow at substantially lower interest rates. Other signals of financial rectitude, such as small fiscal deficits, apparently carried little weight with lenders
Prodigals and projectors : an economic history of usury laws in the United States from colonial times to 1900 by Hugh Rockoff( Book )

11 editions published in 2003 in English and held by 88 WorldCat member libraries worldwide

During the Colonial era usury laws in the United States were strict both in terms of the maximum rate that could be charged and the penalties that would be imposed. In Massachusetts in eighteenth century, for example, the maximum rate was 6 percent, and both principal and interest were forfeited if usury could be proved against the lender. The laws were eased during the early national period, and in many states they were repealed, although the United States never completely abandoned its system of usury laws. By 1870, when a limited reaction set in, the liberalization had reached the point where the great bulk of commercial transactions must have been largely unaffected by the usury laws, at least in non-crisis years. Two factors seem to have been paramount in producing the liberalization: changes in ideas about the effectiveness of government regulation in general and about the effectiveness of usury laws in particular, and competition among the states for capital. This history suggests that the usury laws, when tightly drawn, may have had a larger impact than economic historians have generally recognized
Until it's over, over there : the U.S. economy in World War I by Hugh Rockoff( )

11 editions published in 2004 in English and held by 85 WorldCat member libraries worldwide

The process by which the US economy was mobilized during World War I was the subject of considerable criticism both at the time and since. Nevertheless, when viewed in the aggregate the degree of mobilization achieved during the short period of active US involvement was remarkable. The United States entered the war in 1917 having made only limited preparations. In 1918 the armed forces were expanded to include 2.9 million sailors, soldiers, and marines; 6 percent of the labor force in the 15 to 44 age bracket. Overall in 1918, one fifth or more of the nation's resources was devoted to the war effort. By the time the Armistice was signed in 1919 a profusion of new weapons was flowing from American factories. This essay describes how mobilization was achieved so quickly, including how it was financed, and some of the long-term consequences
Monetary policy and regional interest rates in the United States, 1880-2002 by John S Landon-Lane( )

9 editions published in 2004 in English and held by 84 WorldCat member libraries worldwide

The long running debate among economic historians over how long it took regional financial markets in the United States to become fully integrated should be of considerable interest to students of monetary unions. This paper reviews the debate, discusses the implications of various hypotheses for the optimality of the US monetary union, and presents some new findings on the origin and diffusion of monetary shocks. It appears that financial markets were integrated in the late nineteenth and early twentieth centuries in the sense that monetary shocks were routinely transmitted from one part of the United States to another. In particular, shocks to interest rates in the eastern financial centers were routinely transmitted to the periphery. However, it also appears that during this period significant shocks to bank lending rates in the periphery often arose on the periphery itself. This suggests that a nineteenth century monetary authority that relied on operations confined to eastern financial centers would have had a difficult time managing the U.S. monetary union. After World War II the problem of eruptions on the periphery declined
A comparison of the United States and Canadian banking systems in the twentieth Century : stability vs. efficiency? by Michael D Bordo( )

10 editions published between 1993 and 1996 in English and held by 81 WorldCat member libraries worldwide

This paper asks whether the vaunted comparative stability of the Canadian banking system has been purchased at the cost of creating an oligopoly. We assembled a data set that compares bank failures, lending rates, interest paid on deposits and related variables over the period 1920 to 1980. Our principal findings are that: (1) interest rates paid on deposits were generally higher in Canada; (2) interest income received on securities was generally slightly higher in Canada; (3) interest rates charged on loans were generally quite similar; (4) net rates of return to equity were generally higher in Canada than in the U.S
Capitalizing patriotism : the liberty loans of World War I by Sung-Won Kang( )

10 editions published between 2005 and 2006 in English and held by 73 WorldCat member libraries worldwide

In World War I the Secretary of the Treasury, William Gibbs McAdoo, hoped to create a broad market for government bonds, the famous Liberty Loans, by following an aggressive policy of "capitalizing patriotism." He called on everyone from Wall Street bankers to the Boy Scouts to volunteer for the campaigns to sell the bonds. He helped recruit the nation's best known artists to draw posters depicting the contribution to the war effort to be made by buying bonds, and he organized giant bond rallies featuring Hollywood stars such as Douglas Fairbanks, Mary Pickford, and Charlie Chaplin. These efforts, however, enjoyed little success. The yields on the Liberty bonds were kept low mainly by making the bonds tax exempt and by making sure that a large proportion of them was purchased directly or indirectly by the Federal Reserve. Patriotism proved to be a weak offset to normal market forces
Gresham's law regained by Robert L Greenfield( Book )

10 editions published in 1992 in English and held by 69 WorldCat member libraries worldwide

It has been argued that Gresham's Law, bad money (money with a low value in non-monetary uses) drives out good, often fails because one money can circulate at its market value. Various cases involving the U.S. dollar in the nineteenth century have been cited as possible violations of the law resulting from nonpar circulation of the dollar. This paper analyzes these cases, and finds to the contrary that a "93 percent version" of Gresham's law held in all them. Evidently, there were high transactions costs associated with using good money at a premium or bad money at a discount
After Johnny came marching home : the political economy of veterans' benefits in the nineteenth century by Sung Won Kang( )

9 editions published in 2007 in English and held by 68 WorldCat member libraries worldwide

"This paper explores new estimates of the number of veterans and the value of veterans' benefits -- both cash benefits and land grants -- from the Revolution to 1900. Benefits, it turns out, varied substantially from war to war. The veterans of the War of 1812, in particular, received a smaller amount of benefits than did the veterans of the other nineteenth century wars. A number of factors appear to account for the differences across wars. Some are familiar from studies of other government programs: the previous history of veterans' benefits, the wealth of the United States, the number of veterans relative to the population, and the lobbying efforts of lawyers and other agents employed by veterans. Some are less familiar. There were several occasions, for example, when public attitudes toward the war appeared to influence the amount of benefits. Perhaps the most important factor, however, was the state of the federal treasury. When the federal government ran a surplus, veterans were likely to receive additional benefits; when it ran a deficit, veterans' hopes for additional benefits went unfilled. Veterans' benefits were, to use the terms a bit freely, more like a luxury than a necessity."--Abstract
On the origins of "a monetary history" by Hugh Rockoff( )

9 editions published between 2006 and 2007 in English and held by 68 WorldCat member libraries worldwide

This paper explores some of the scholarship that influenced Milton Friedman and Anna J. Schwartz's "A Monetary History". It shows that the ideas of several Chicago economists -- Henry Schultz, Henry Simons, Lloyd Mints, and Jacob Viner -- left clear marks. It argues, however, that the most important influence may have been Wesley Clair Mitchell and his classic book "Business Cycles" (1913). Mitchell, and the NBER, provided the methodology for "A Monetary History", in particular the emphasis on compiling long time series of monthly data and analyzing the effects of specific variables on the business cycle. A common methodology and the stability of monetary relationships produced similar conclusions about money. Friedman and Schwartz deemphasized Mitchell's "bank-centric" view of the monetary transmission process, but they reinforced Mitchell's conclusion that money had an independent, predictable, and important influence on the business cycle
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Drastic measures : a history of wage and price controls in the United States
Drastic measures : a history of wage and price controls in the United StatesHistory of the American economy
Alternative Names
Hugh Rockoff economist (Rutgers University-New Brunswick)

Hugh Rockoff Wirtschaftswissenschaftler/in (Rutgers University-New Brunswick)

Rockoff, H. 1945-

Rockoff, Hugh T. 1945-

English (262)

Spanish (1)