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

Jacques Melitz and Anthony Edo

No 15538, CEPR Discussion Papers from Centre for Economic Policy Research

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.

Date: 2020-12
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Related works:
Journal Article: Wealth and shifting demand pressures on the price level in England after the Black Death (2023)
Journal Article: Wealth and shifting demand pressures on the price level in England after the Black Death (2023)
Working Paper: Wealth and Shifting Demand Pressures on the Price Level in England After the Black Death (2020)
Working Paper: Wealth and Shifting Demand Pressures on the Price Level in England After the Black Death (2020)
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