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This thesis addresses historical business cycles and market integration in Europe and America in the 19th and 20th … for Germany between 1850 and 1913. One result is that the historical stock market index used helps to discriminate between … parameters yields higher postwar aggregate volatility relative to the period before World War I. Concerning market integration …
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We find little support for the Schumpeterian hypothesis of a positiverelationship between market power and innovation …
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