Goldin, Claudia; Margo, Robert A. - National Bureau of Economic Research - 1989
diminished and that unemployment was substantial and prolonged during several downturns. The alternative interpretation is that … antebellum fluctuations were more apparent than real; nominal wages, not labor quantities, did most of the adjusting. We analyze … agricultural labor than for other occupations, less for growing regions than for more mature ones, less for unskilled than for …
