Financial Asset Ownership and Political Partisanship: Liberty Bonds and Republican Electoral Success in the 1920s
研究了1920年代自由债券所有权对选举结果的影响，发现债券持有率高的县转向支持共和党，源于债券贬值与升值的政治后果。
We analyze the effects of ownership of liberty bonds on election outcomes in the 1920s. We find that counties with higher liberty bond ownership rates turned against the Democratic Party in the presidential elections of 1920 and 1924. This was a reaction to the depreciation of the bonds prior to the 1920 election (when the Democrats held the presidency) and the appreciation of the bonds in the early 1920s (under a Republican president), as the Federal Reserve raised and then subsequently lowered interest rates. Our analysis suggests that the liberty bond campaigns had unintended political consequences.