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Journal Article
Liquidity effects of the events of September 11, 2001
Banks rely heavily on incoming payments from other banks to fund their own payments. The terrorist attacks of September 11, 2001, destroyed facilities in Lower Manhattan, leaving some banks unable to send payments through the Federal Reserve's Fedwire payments system. As a result, many banks received fewer payments than expected, causing unexpected shortfalls in banks' liquidity. These disruptions also made it harder for banks to redistribute balances across the banking system in a timely manner. In this article, the authors measure the payments responses of banks to the receipt of payments ...
Journal Article
The effect of war expenditures on U.S. output
A study of how war-related temporary increases in government expenditures affect real interest rates and output, with particular emphasis on the probable fiscal effects of the Persian Gulf War.
Journal Article
Ownership of demand deposits
Journal Article
The U.S. economy after September 11
This Economic Letter is adapted from remarks by Robert T. Parry, President and CEO of the Federal Reserve Bank of San Francisco, delivered on November 19, 2001, to the 24th Annual Real Estate and Economics Symposium sponsored by U.C. Berkeley's Fisher Center for Real Estate and Urban Economics
Journal Article
The Gulf War and the U.S. economy
Journal Article
Economic activity: further expansion and conversion
Journal Article
Jobs after the war
Journal Article
Transition to war economy
Journal Article
Business finance in the war
Working Paper
Collateral Damage: Trade Disruption and the Economic Impact of War
Conventional wisdom in economic history suggests that conflict between countries can be enormously disruptive of economic activity, especially international trade. Yet nothing is known empirically about these effects in large samples. We study the effects of war on bilateral trade for almost all countries with available data extending back to 1870. Using the gravity model, we estimate the contemporaneous and lagged effects of wars on the trade of belligerent nations and neutrals, controlling for other determinants of trade. We find large and persistent impacts of wars on trade, and hence on ...