The wealth effect of the Black Death on the price level continued for generations, up to 1450, following the outbreak of plague in 1348-51, as shows a new CEPII Working Paper. 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. By Anthony Edo and Jacques Melitz.