Macroeconomics of the Franco-Prussian War Indemnity
Macroeconomics of the Franco-Prussian War Indemnity
Macroeconomics of the Franco-Prussian War Indemnity
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Hong Kong Institute for Monetary Research<br />
Figure 6. Responses to Government Spending Shocks, Baseline Model<br />
1.2<br />
0.4<br />
1.0<br />
0.2<br />
0.8<br />
GDP%<br />
0.6<br />
0.4<br />
0.2<br />
Terms <strong>of</strong> trade %<br />
0.0<br />
-0.2<br />
-0.4<br />
0.0<br />
-0.2<br />
-0.6<br />
-0.4<br />
1868 1870 1872<br />
Year<br />
-0.8<br />
1874 1876 1878 1868 1870 1872<br />
Year<br />
1874 1876 1878<br />
0.4<br />
0.6<br />
0.2<br />
0.4<br />
0.2<br />
0.0<br />
-0.2<br />
-0.4<br />
Consumption %<br />
0.0<br />
-0.2<br />
-0.4<br />
-0.6<br />
-0.6<br />
-0.8<br />
-1.0<br />
-0.8<br />
1868 1870 1872<br />
Year<br />
-1.2<br />
1874 1876 1878 1868 1870 1872<br />
Year<br />
1874 1876 1878<br />
31
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