Understanding per-capita income growth in preindustrial Europe

Nils-Petter Lagerlof ()

No 667, 2016 Meeting Papers from Society for Economic Dynamics

Abstract: Fouquet and Broadberry (Journal of Economic Perspectives 2015) have recently compiled detailed time-series data over per-capita incomes for several European countries from as early as 1300 up to 1800. The time series are all volatile and highly persistent; per-capita incomes move in decades-long cycles of expansions and contractions. The current paper examines a Malthusian model with realistic life-cycle structure, and stochastic and increasing rates of growth in agricultural productivity. This model can generate per-capita income dynamics that are qualitatively and quantitatively similar to the Fouquet-Broadberry data.

Date: 2016
New Economics Papers: this item is included in nep-gro and nep-his
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