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The Price Revolution in the 16th Century: Empirical Results from a Structural Vectorautoregression Model

Bernholz, Peter and Kugler, Peter. (2007) The Price Revolution in the 16th Century: Empirical Results from a Structural Vectorautoregression Model. WWZ Discussion Papers, 2007 (12).

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Official URL: https://edoc.unibas.ch/61240/

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Abstract

This paper provides empirical evidence in favor of the hypothesis that NEWLINE the secular price increase in the 16th century is mainly caused by money supply NEWLINE developments as the discovery of new mines in Latin America. First we review NEWLINE price developments for several European countries over the 16th century in the NEWLINE light of this hypothesis. Second the application of a SVAR model to annual time NEWLINE series of price indexes for Old Castile and Leon and New Castile over the 16th NEWLINE century indicates that not only the trend but also the short to medium variability of NEWLINE price movements in 16th century Spain are dominated by permanent money NEWLINE supply shocks.
Faculties and Departments:06 Faculty of Business and Economics
06 Faculty of Business and Economics > Departement Wirtschaftswissenschaften
06 Faculty of Business and Economics > Departement Wirtschaftswissenschaften > Professuren Wirtschaftswissenschaften > Geld- und Währungsgeschichte (Kugler)
06 Faculty of Business and Economics > Departement Wirtschaftswissenschaften > WWZ Forum
12 Special Collections > WWZ Publications > WWZ Discussion Papers and Working Papers
UniBasel Contributors:Bernholz, Peter and Kugler, Peter
Item Type:Working Paper
Publisher:WWZ, University of Basel
Note:Publication type according to Uni Basel Research Database: Discussion paper / Internet publication
Language:English
Identification Number:
  • handle: RePEc:bsl:wpaper:2007/12
Last Modified:14 Mar 2018 08:28
Deposited On:07 Mar 2018 11:22

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