Note: Wolverines, Razorbacks, and Skyscrapers

"The Cantillon effects cited in Thornton (2005) are a consequence of the central bank, and result in entrepreneurial errors during expansions in the NBER’s U.S. business cycle chronology. Completion of the Woolworth Building and other skyscrapers coincide with NBER-identified contractions when the errors are revealed. Effects are also evident at the non-national level, including the sister states of Arkansas and Michigan, where the Dime, Penobscot, Renaissance Tower, Pyramid Life, Union Life, Donaghey, Tower, Bank of America and Region’s Bank buildings were completed around contractions. The tallest or once-tallest buildings in 40 states were completed in NBER-identified contractions."