FAST search for circumstellar atomic hydrogen–I: the young planetary nebula IC 4997

Research output: Contribution to journalArticlepeer-review

  • External authors:
  • Xu-Jia Ouyang
  • Yong Zhang
  • Chuan Peng Zhang
  • Jun Ichi Nakashima
  • Quentin A. Parker


Maritime disasters in the Spanish Empire (1531-1810) resulted in the loss of substantial amounts of silver money. We exploit this recurring natural experiment to estimate the effect that an exogenous change in the money supply has on the real economy. We find that negative money supply shocks caused Spanish real output to decline. A transmission channel analysis highlights slow price adjustments and credit frictions as channels through which money supply changes affected the real economy. Especially large output declines occurred in textile manufacturing against the backdrop of a credit crunch that impaired merchants’ ability to supply their manufacturers with inputs

Bibliographical metadata

Original languageEnglish
JournalThe Astrophysical Journal
Publication statusAccepted/In press - 12 May 2022