Real Shock, Monetary Aftershock: The San Francisco Earthquake and the Panic of 1907

@article{Odell2002RealSM,
  title={Real Shock, Monetary Aftershock: The San Francisco Earthquake and the Panic of 1907},
  author={K. Odell and Marc D. Weidenmier},
  journal={NBER Working Paper Series},
  year={2002}
}
  • K. Odell, Marc D. Weidenmier
  • Published 2002
  • Business, Economics
  • NBER Working Paper Series
  • Economists have long studied the relationship between the real and monetary sectors. We examine the macroeconomic effects of the 1906 San Francisco earthquake, a shock that immediately reduced United States. GNP by 1.5-1.8 percentage points. The quake's impact manifested itself in gold flows, as British insurance companies paid their San Francisco claims out of home funds in the fall of 1906. The capital outflow prompted the Bank of England to raise interest rates and discriminate against… CONTINUE READING
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