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Aggregate Price Shocks and Financial Instability : An Historical Analysis
Bordo, Michael D. - 2000
This paper presents empirical evidence on the hypothesis that aggregate price disturbances cause or worsen financial instability. We construct two annual indexes of financial conditions for the United States covering 1790-1997, and estimate the effect of aggregate price shocks on each index...
Persistent link: https://www.econbiz.de/10012471139
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The Impact of Globalization on Pre-Industrial, Technologically Quiescent Economies
Williamson, Jeffrey G. - 1999
This paper uses a new pre-1940 Third World data base documenting real wages and relative factor prices to explore their … wages to land rents, on the other hand, declined up to World War I and so did the ratio of wages to GDP per capita. The …
Persistent link: https://www.econbiz.de/10012471890