波动性(金融)
价格冲击
利用
货币经济学
中国
计量经济学
经济
地理
计算机科学
计算机安全
考古
出处
期刊:American Economic Journal: Applied Economics
[American Economic Association]
日期:2021-06-28
卷期号:13 (3): 65-101
被引量:15
摘要
This paper exploits a unique historical setting—the expansion of the telegraph network in nineteenth-century China when railroads were limited—to examine whether the reduction of information frictions stabilizes grain prices. Employing a difference-in-difference (DID) strategy, we find that the telegraph access (i) reduced both the magnitude and the incidence of extreme prices; (ii) mitigated price responses to local weather shocks but increased the responsiveness to shocks in other telegraph-connected regions; (iii) affected the price volatility in a mean-reverting pattern; i.e., volatility rose in previously price-stable regions, and volatility decreased in price-unstable regions. (JEL D83, L96, N55, N75, O13, O18, Q11)
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