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Was the collapse of world trade between 1928 and 1937 caused by higher transport costs, increased protectionism or the … collapse of the gold standard? Using recent advances in the estimation of gravity equations, I examine the partial and general …
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Interwar macroeconomic history is a natural place to look for evidence on the correlations between (a) deflation and depression and (b) unexpected deflation and depression. We apply time-series methods to measure unexpected deflation or inflation for 26 countries from 1922 to 1939. The results...
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