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Discussion Paper Details

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Title: The Primary Cause of European Inflation in 1500-1700: Precious Metals or Population? The English Evidence

Author(s): Anthony Edo and Jacques Melitz

Publication Date: September 2019

Keyword(s): " Demography, European economic history 1500-1700, Precious metals and The "Great Inflation

Programme Area(s): Economic History and International Macroeconomics and Finance

Abstract: We perform the first econometric test to date of the influences of inflows of precious metals and population growth on the "Great Inflation" in Europe following the discov-ery of the New World. The English evidence strongly supports the near-equivalent im-portance of both influences. For 1500-1700, silver is the only relevant precious metal in the estimates. The study controls for urbanization, government spending, mortality crises and climatic changes. The series for inflows of the precious metals into Europe from America and European mining are newly constructed based on the secondary sources.

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Bibliographic Reference

Edo, A and Melitz, J. 2019. 'The Primary Cause of European Inflation in 1500-1700: Precious Metals or Population? The English Evidence'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=14023