CEPII, Recherche et Expertise sur l'economie mondiale
Wealth and Shifting Demand Pressures on the Price Level in England After the Black Death


Anthony Edo
Jacques Melitz

 Points clés :
  • 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.
  • In absence of consideration of the wealth effect, other influences on the price level do not even appear in the econometric analysis.
  • The 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.

 Résumé :
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.

 Mots-clés : Black Death | Fourteenth-century England | Price Level | Great Famine

 JEL : N13, J11, F33, J46
CEPII Working Paper
N°2020-14, December 2020

Texte intégral

Référence
BibTeX (with abstract),
plain text (with abstract),
RIS (with abstract)

Contact: 
Retour