Auray, Stéphane; Eyquem, Aurélien; Jouneau-Sion, … - In: Journal of Economic Dynamics and Control 41 (2014) C, pp. 224-240
In this paper, we propose a theoretical framework to investigate the impact of conflicts and wars on key macroeconomic aggregates and welfare. Using a panel data with 9 countries from 1870 onwards, we first show that the consumption-to-output ratio is minimal during WWII for participants. While...
