| Autor: |
Bruce D. Smith, David M. Modest |
| Rok vydání: |
1983 |
| Předmět: |
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| Zdroj: |
Journal of Monetary Economics. 12:571-593 |
| ISSN: |
0304-3932 |
| Popis: |
There exists a debate among economic historians concerning the ‘standard of living’ of the British working class during the industrial revolution. In this debate, trends in real wages figure prominently and virtually all long- and short-term real wage movements are attributed to price level variation. This attribution conflicts with recent ‘neutrality’ propositions associated with rational expectations. We test a version of the rational expectations-neutrality hypothesis by examining whether prices caused real wages in the period 1790–1850. This period is of particular interest due to the competitive nature of the British economy at that time. We find the hypothesis is consistent with the data. This is in contrast to all existing interpretations of the period. |
| Databáze: |
OpenAIRE |
| Externí odkaz: |
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