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Dynamic General Equilibrium Modeling of Long and Short-Run Historical Events / Gary D. Hansen, Lee E. Ohanian, Fatih Ozturk.
- Format:
- Book
- Author/Creator:
- Hansen, Gary D.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w28090.
- NBER working paper series no. w28090
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2020.
- Summary:
- We provide quantitative analyses of two striking historical episodes, the timing of the Industrial Revolution in England, and the sources of U.S. economic fluctuations between 1889-1929. Applying data from 1245-1845 within the "Malthus to Solow" framework shows that the timing of the Industrial Revolution reflects a subtle interplay between large changes in TFP and deaths from plagues. We find that U.S. economic fluctuations, including the Panics of 1893 and 1907, were driven primarily by volatile TFP, and that growth during the "Roaring Twenties" should have been even stronger, reflecting a large labor wedge that emerged around World War I.
- Notes:
- Print version record
- November 2020.
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