Auray, Stéphane; Eyquem, Aurélien; Jouneau-Sion, Fréderic - Centre de Recherche en Économie et Statistique … - 2012
We present an annual sequence of wages in England starting in 1245. We show that a standard AK-type growth model with capital externality and stochastic productivity shocks is unable to explain important features of the data. We then consider random returns to scale. Moderate episodes of...