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Discussion Paper Details

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

Author(s): Anthony Edo and Jacques Melitz

Publication Date: December 2020

Keyword(s):

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

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.

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Bibliographic Reference

Edo, A and Melitz, J. 2020. 'Wealth and Shifting Demand Pressures on the Price Level in England after the Black Death'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=15538