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| Author: | Caplan, B. |
| Title: | How does war shock the economy? |
| Journal: | Journal of International Money and Finance
2002 : APR, VOL. 21:2, p. 145-162 |
| Index terms: | ECONOMIC SHOCKS FISCAL POLICY MONETARY POLICY WAR |
| Language: | eng |
| Abstract: | Wartime periods have frequently been treated as natural macroeconomic experiments, but the international pooled time series evidence presented here shows that the literature has over-emphasized the experience of the United States and the United Kingdom. Wars fought exclusively on foreign soil do have marginally higher real output growth than peacetime periods, but real growth during all other wars is sharply below peacetime levels. |
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