Gillian Brunet
Smith College
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June 1, 2025 - Article
Can early financial experiences affect lifelong investment decisions? A new study finds that one of Americas largest financial literacy campaignsthe Liberty Bond drives of World War Iinfluenced household investment behavior long after the war bonds had been repaid. In Invest!: Liberty Bonds and...
The Liberty Bond drives of World War I were nation-wide interventions aimed at increasing financial literacy and associating bond ownership with patriotism. Using data from the first year of the Survey of Consumer Finances, 1947, through 1971, we investigate whether exposure to the drives shaped...
March 1, 2024 - Article
During World War II, the US government, under Democratic Party leadership, encouraged citizens to invest in savings bonds, and over 85 million Americans subscribed. But high post-war inflation diminished the value of these bonds. The Republican Party criticized Democrats for the poor returns earned...
We study the role of war bonds and inflation in the presidential elections of the 1950s. During World War II, the federal government conducted aggressive campaigns to convince Americans to invest their savings in wartime savings bonds. Although the bonds were nonnegotiable and protected from...
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