Migration and business cycles

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Monograph

Identifikator:: 1736236210

URN:: urn:nbn:de:zbw-retromon-111544

Document type:: Monograph

Author:: Jerome, Harry

Title:: Migration and business cycles

Place of publication:: New York

Publisher:: National Bureau of Economic Research

Year of publication:: 1926

Scope:: 256 S.

Digitisation:: 2020

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter III. Employment opportunities for immigrants

Collection:: Economics Books

MIGRATION AND BUSINESS CYCLES (1898 for imports), 1901 (slight), 1904, 1908 (and 1909, also, for clearings), 1914 and 1915, 1919, and 1921 and 1922. CHART 7 InpiceEs oF Economic ConpITIONS, BY FiscAL YEARrs: 1870-1923. Ratvo Scale Moo 5 I ey FL 600 Breas Rocio) Ep en) - eo 540 C—— =Clearings Index , 500 400 (Trend=100) -] 200 Tome PO t= ren million dollars) OO ee Daily Production of Pig Iron { 200 (Unit=thovsand tors) 2 A 200 LEARINGS We {i = 29 =k 2 €0 | 60 50 50 40 40 30 30 Ze tA 2 20 / -Q, 1 20 | fg70-1x 3 1 1860-1685 | 1690-1699 7900-1909 | 1910-1919 — froze] i sNumerical data in Tables 13-A and 13-B. Pig Iron Production and a Composite Index of Business Cycles. Pig iron is basic to many manufacturing industries and to much construction work, and, in the form of machinery or other products .of iron and steel, is supplementary to practically all industrial ac- tivities, hence fluctuations in the production of pig iron ordinarily bear a close relation to the volume of industrial activity./ This relationship has been frequently noted in previous statistical studies of economic conditions. For example, Professor E. E. Day, in his construction of an index of manufacturing, compares annual statis- tics of pig iron production with his index and finds a striking similarity in the fluctuations of the two series.” Because of this 1Review of Economic Statistics, 1920, p. 367, “The correspondence of pig-iron pro- duction with manufacture, when both are adjusted for secular trend, is extraordinary. The correlation coefficient is .97.”” (Based upon the period 1899-1919). 62

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