NBER Working Papers by Hugh Rockoff

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Working Papers

September 2015Towards a History of the Junk Bond Market, 1910-1955
with Peter F. Basile, Sung Won Kang, John Landon-Lane: w21559
May 2015War and Inflation in the United States from the Revolution to the First Iraq War
January 2015Fighting the Last War: Economists on the Lender of Last Resort
with Richard S. Grossman: w20832
December 2013O.M.W. Sprague (the Man who "Wrote the Book" on Financial Crises) and the Founding of the Federal Reserve
February 2013Not Just the Great Contraction: Friedman and Schwartz's A Monetary History of the United States 1867 to 1960
with Michael D. Bordo: w18828

Published: Michael D. Bordo & Hugh Rockoff, 2013. "Not Just the Great Contraction: Friedman and Schwartz's A Monetary History of the United States 1867 to 1960," American Economic Review, American Economic Association, vol. 103(3), pages 61-65, May. citation courtesy of

August 2011Why didn't Canada have a banking crisis in 2008 (or in 1930, or 1907, or ...)?
with Michael D. Bordo, Angela Redish: w17312
The Influence of Irving Fisher on Milton Friedman's Monetary Economics
with Michael D. Bordo: w17267

Published: Bordo, Michael D. & Rockoff, Hugh, 2013. "The Influence Of Irving Fisher On Milton Friedman’S Monetary Economics," Journal of the History of Economic Thought, Cambridge University Press, vol. 35(02), pages 153-177, June. citation courtesy of

July 2010Money and Interest Rates in the United States during the Great Depression
with Peter F. Basile, John Landon-Lane: w16204
December 2009Upon Daedalian Wings of Paper Money: Adam Smith and the Crisis of 1772

Published: “ Parallel Journeys: Adam Smith and Milton Friedman on the Regulation of Banking. ” Journal of Cultural Economy , Volume 4, Number 3 (August 2011): 255 - 284.

Droughts, Floods and Financial Distress in the United States
with John Landon-Lane, Richard H. Steckel: w15596

Published: Droughts, Floods and Financial Distress in the United States, John Landon-Lane, Hugh Rockoff, Richard H. Steckel. in The Economics of Climate Change: Adaptations Past and Present, Libecap and Steckel. 2011

December 2008Great Fortunes of the Gilded Age

Published: "Great Fortunes of the Gilded Age." Journal of American Economic History , a publication of the 2 American Economic History Association, Japan. No. 9, March, 1 - 18, (in Japanese).

September 2007Keep on Scrapping: The Salvage Drives of World War II
July 2007After Johnny Came Marching Home: The Political Economy of Veterans' Benefits in the Nineteenth Century
with Sung Won Kang: w13223
November 2006On the Origins of "A Monetary History"
May 2006An Elephant in the Garden: The Allies, Spain, and Oil in World War II
with Leonard Caruana: w12228

Published: Caruana, Leonard & Rockoff, Hugh, 2007. "An elephant in the garden: The Allies, Spain, and oil in World War II," European Review of Economic History, Cambridge University Press, vol. 11(02), pages 159-187, August. citation courtesy of

January 2006Capitalizing Patriotism: The Liberty Loans of World War I
with Sung Won Kang: w11919
November 2004Monetary Policy and Regional Interest Rates in the United States, 1880-2002
with John Landon-Lane: w10924
June 2004Until it's Over, Over There: The U.S. Economy in World War I

Published: Broadberry, Stephen and Mark Harrison (eds.) The Economics of World War I. Cambridge: Cambridge University Press, 2005.

June 2003Prodigals and Projecture: An Economic History of Usury Laws in the United States from Colonial Times to 1900

Published: Eltis, David, Frank D. Lewis and Kenneth L. Sokoloff (eds.) Human Capital and Institutions: A Long-run View. New York: Cambridge University Press, 2009.

March 2003Deflation, Silent Runs, and Bank Holidays, in the Great Contraction

Published: Burdekin, Richard C. K. and Pierre L. Siklos (eds.) Deflation: Current and Historical Perspectives. New York: Cambridge University Press, 2004.

November 2001The Changing Role of America's Veterans
January 2001A Wolfram in Sheep's Clothing: U.S. Economic Warfare in Spain, 1940-1944
with Leonard Caruana: h0132

Published: Caruana, Leonard and Hugh Rockoff. "A Wolfram In Sheep's Clothing: Economic Warfare In Spain, 1940-1944," Journal of Economic History, 2003, v63(1,Mar), 65-99.

April 2000How Long Did It Take the United States to Become an Optimal Currency Area?
May 1996The Paradox of Planning: The Controlled Materials Plan of World War II
with John Landon-Lane: h0083
December 1995From Plowshares to Swords: The American Economy in World War II
December 1993The Meaning of Money in the Great Depression
November 1993A Comparison of the United States and Canadian Banking Systems in the Twentieth Century: Stability vs. Efficiency?
with Michael D. Bordo, Angela Redish: w4546


  • "The U.S. Banking System from a Northern Exposure: Stability vs. Efficiency ." Journal of Economic History, Vol 54 (June 1994): 325-341.
  • R2085 same as wp title: in Anglo-American Financial Systems: Institutions and Markets in the Twentieth Century, Michael D. Bordo and Richard Sylla, eds., pp. 11-40, (Burr Ridge, IL: Irwin Professional Publishing, 1995).

December 1990The Capital Market in the 1850s
December 1989Lessons from the American Experience with Free Banking

Published: In Unregulated Banking: Chaos or Order? eds. Forrest Caprie and Geoffrey Wood. London: MacMillan Academic and Professional, Ltd., 1991.

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