Putting the news in New York and New Orleans: the impact of information frictions on trade

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2024-03-15 DOI:10.1007/s10290-024-00527-7

James M. Harrison

引用次数: 0

Abstract

It is notoriously difficult to estimate the impact of information frictions on trade. The 1866 transatlantic telegraph connection has been used to estimate these impacts, but I demonstrate this sample violates the assumptions of an arbitrage model in ways that are likely to bias empirical result. I avoid this bias by constructing a novel dataset that meets all relevant assumptions during the 1848 rollout of the telegraph across the U.S., ultimately estimating the magnitude of the distortions on prices, quantities, and efficiency to be roughly half as large as those found in prior literature.

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在纽约和新奥尔良发布新闻：信息摩擦对贸易的影响

要估计信息摩擦对贸易的影响是出了名的困难。1866 年的跨大西洋电报连接被用来估算这些影响，但我证明了这一样本违反了套利模型的假设，很可能使经验结果出现偏差。为了避免这种偏差，我构建了一个符合 1848 年电报在全美推广期间所有相关假设的新数据集，最终估算出对价格、数量和效率的扭曲程度约为之前文献的一半。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.