⭐ VoxTalks Economics NEW EPISODE ⭐ How much of western Europe’s economic transformation was made possible by gold & silver looted from the Americas? New research upends conventional wisdom, Yao Chen @erasmusuni tells @timsvengali @cepr_org. Subscribe: https://t.co/cJGj6Gg9FT

𝗚𝗼𝗹𝗱𝗶𝗹𝗼𝗰𝗸𝘀: 𝗔𝗺𝗲𝗿𝗶𝗰𝗮𝗻 𝗽𝗿𝗲𝗰𝗶𝗼𝘂𝘀 𝗺𝗲𝘁𝗮𝗹𝘀 𝗮𝗻𝗱 𝘁𝗵𝗲 𝗥𝗶𝘀𝗲 𝗼𝗳 𝘁𝗵𝗲 𝗪𝗲𝘀𝘁 new WP, joint w/ @YChen_ks and @econfward. We estimate the contribution of American precious metals to West Europe’s growth performance in the early modern period 👇

Explorations in Economic History, forthcoming; Working paper link:

New inroads for the quantitative study of early modern monetary history: "Reconstruction of the Spanish money supply, 1492-1810" synthesizes data on precious metal mining and their international flow to estimate Spain's early modern money stock. With @YChen_ks and @nunopgpalma.

Lesson from financial history: central banks leaning against credit booms with surprise interest rate hikes are more likely to trigger financial crises than prevent them. Our new research with @econfward and Lucas Ter Steege on vox today. @ECON_tribute https://t.co/JZicCUy3DH

What is the real effect of money? @adambrz, @YChen_ks @econward and I we use a natural experiment: Maritime disasters in the Spanish Empire (1531-1810). A one p.p. reduction in money growth caused a 1.3% drop in real output that persisted for several years https://t.co/vvxuXe7wEB