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Motivated by an on-going debate in economic history we develop a simple method to quantify the impact of economic revolutions upon a novel historical data set listing the wages of building craftsmen and labourers in Southeast Europe. Structural breaks are found in the data and signify the...
Persistent link: https://www.econbiz.de/10009246888
In this paper we empirically test the hypothesis that economic revolutions are associated with structural breaks in historical economic data. A simple test for structural breaks in economic time series is applied to British wage and price data from the medieval to the modern period. Evidence for...
Persistent link: https://www.econbiz.de/10008784612
Using annual data 1209-1914, this paper examines whether there are structural breaks in the movements of prices and wages that correspond to the major ‘revolutions’ identified in historical narratives. Econometric modelling of trend and volatility in prices and wages confirms the importance...
Persistent link: https://www.econbiz.de/10009149403
This study re-examines the causal relations between money and the two variables, i.e., income and prices. Using annual … causal relations between real money and real income, between nominal money and nominal income, and between nominal money and … prices. The analysis indicates, in general, the long run relationship among money, income, and prices. The analysis further …
Persistent link: https://www.econbiz.de/10005835538
Prepublication version of article that appeared as Zarembka, P (ed) Economic Theory of Capitalism and its Crises, Research in Political Economy 17, pp241-48. Stanford, CT: JAI Press. http://www.elsevier.com/wps/find/bookdescription.cws_home/621298/description#description This article formed part...
Persistent link: https://www.econbiz.de/10005835556
/Singapore have shown the way. What the people of the world want is sound, stable money and the end to the obsolete multicurrency …
Persistent link: https://www.econbiz.de/10005835646
paper is instead upon the behaviour of money wages, with widespread nominal ‘wage-stickiness’, in relation to changes in the … money wages for most craftsmen and labourers did rise following the Black Death – though by no means for all labourers … years after the Black Death. In England, furthermore, where most craftsmen and workers had suffered a fall in money wages in …
Persistent link: https://www.econbiz.de/10005835789
, shows how variations in the value of money, and in the exchange rate between different moneys of account, lead to transfers …
Persistent link: https://www.econbiz.de/10005836022
This paper re-examines the causal relationship between money and prices in Pakistan using recent data on money and … money to prices. Further, it seems that the monetary expansion has a greater impact on wholesale sale prices compared to CPI. …
Persistent link: https://www.econbiz.de/10005836259
The paper examines the the profession of economics in the light of its disarray in the face of the financial crash of 1998 We subject the profession to a theoretical and historical enquiry, examining both its reaction to the empirical facts of its failures, and the manner in which its...
Persistent link: https://www.econbiz.de/10005836327