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Wealth and Shifting Demand Pressures on the Price Level in England After the Black Death

Anthony Edo and Jacques Melitz

Working Papers from CEPII research center

Abstract: The scale of the rise in personal wealth following the Black Death calls the life-cycle hypothesis of consumption into consideration. This paper shows for the first time that the wealth effect of the Black Death on the price level continued in England for generations, up to 1450. Indeed, in absence of consideration of the wealth effect, other influences on the price level do not even appear in the econometric analysis. The separate roles of coinage, population, trade, wages and annual number of days worked for wages all also receive attention and new results follow for adjustment in the labor market.

Keywords: Black Death; Fourteenth-century England; Price Level; Great Famine (search for similar items in EconPapers)
JEL-codes: N13 J11 F33 J46 (search for similar items in EconPapers)
Date: 2020-12
New Economics Papers: this item is included in nep-dem, nep-his and nep-lab
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Working Paper: Wealth and Shifting Demand Pressures on the Price Level in England after the Black Death (2020) Downloads
Working Paper: Wealth and Shifting Demand Pressures on the Price Level in England After the Black Death (2020) Downloads
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