| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14753 |
| DP14753 The Redistributive Effects of Pandemics: Evidence on the Spanish Flu | |
| Sergi Basco; Jordi Domenech; Joan R. Rosés | |
| 发表日期 | 2020-05-13 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper examines the impact of a pandemic in a developing economy. Measured by excess deaths relative to the historical trend, the 1918 influenza in Spain was one of the most intense in Western Europe. However, aggregate output and consumption were only mildly affected. In this paper we assess the impact of the flu by exploiting within-country variation in “excess deaths" and we focus on the returns to factors of production. Our main result is that the effect of flu-related “excess deaths" on real wages is large, negative, and short-lived. The effects are heterogeneous across occupations, from null to a 15 per cent decline, concentrated in 1918. The negative effects are exacerbated in more urbanized provinces. In addition, we do not find effects of the flu on the returns to capital. Indeed, neither dividends nor real estate prices (houses and land) were negatively affected by flu-related increases in mortality. Our interpretation is that the Spanish Flu represented a negative demand shock that was mostly absorbed by workers, especially in more urbanized regions. |
| 主题 | Economic History ; Macroeconomics and Growth |
| 关键词 | Pandemics Spanish flu Real wages Returns to capital |
| URL | https://cepr.org/publications/dp14753 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543677 |
| 推荐引用方式 GB/T 7714 | Sergi Basco,Jordi Domenech,Joan R. Rosés. DP14753 The Redistributive Effects of Pandemics: Evidence on the Spanish Flu. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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