The Prewar Business Cycle Reconsidered : New Estimates of Gross NationalProduct, 1869-1918

Author / Creator

Romer, Christina D

Available as

Online

Summary

Abstract: This paper shows that the existing estimates of prewar gross national. Abstract: product exaggerate the size of cyclical fluctuations. The source of the. Abstract: exaggeration is that th...

Abstract: This paper shows that the existing estimates of prewar gross national.

Abstract: product exaggerate the size of cyclical fluctuations. The source of the.

Abstract: exaggeration is that the original Kuznets estimates are based on the.

Abstract: assumption that GNP moves one-for-one with commodity output valued at.

Abstract: producer prices. New estimates of GNP for 1869-1918 are derived using the.

Abstract: estimated aggregate relationship between GNP and commodity output for the.

Abstract: interwar and postwar eras. The new estimates of GNP indicate that the.

Abstract: business cycle is only slightly more severe in the pre-Worid War I era than in the post-World War II era.

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