Macroeconomics of the Franco-Prussian War Indemnity

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Hong Kong Institute for Monetary Research Figure 8. Productivity Effects and French History 15 8 10 6 GDP% 5 0 -5 Terms <strong>of</strong> trade % 4 2 0 -2 -4 -10 -6 -15 1868 1870 1872 1874 1876 1878 1868 1870 1872 -8 1874 1876 1878 Year z shocks History Year 4 10 3 2 5 1 0 -1 Consumption % 0 -5 -2 -3 -10 -4 1868 1870 1872 1874 1876 1878 1868 1870 1872 -15 1874 1876 1878 Year Year 33
Working Paper No.2/2004 Figure 9. All Shocks and French History 15 10 10 8 6 GDP% 5 0 -5 Terms <strong>of</strong> trade % 4 2 0 -2 -10 -4 -6 -15 1868 1870 1872 1874 1876 1878 1868 1870 1872 -8 1874 1876 1878 Year History z and g shocks transfer, z, and g shocks Year 4 10 3 2 5 1 0 -1 Consumption % 0 -5 -2 -3 -10 -4 1868 1870 1872 1874 1876 1878 1868 1870 1872 -15 1874 1876 1878 Year Year 34
Page 1 and 2: HONG KONG INSTITUTE FOR MONETARY RE
Page 3 and 4: Transfer Problem Dynamics: Macroeco
Page 5 and 6: Working Paper No.2/2004 movements i
Page 7 and 8: Working Paper No.2/2004 The transfe
Page 9 and 10: Working Paper No.2/2004 4. Preferen
Page 11 and 12: Working Paper No.2/2004 The consump
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Page 15 and 16: Working Paper No.2/2004 open econom
Page 17 and 18: Working Paper No.2/2004 We now focu
Page 19 and 20: Working Paper No.2/2004 trade throu
Page 21 and 22: Working Paper No.2/2004 is simply
Page 23 and 24: Working Paper No.2/2004 As a counte
Page 25 and 26: Working Paper No.2/2004 References
Page 27 and 28: Working Paper No.2/2004 Obstfeld, M
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Macroeconomics of the Franco-Prussian War Indemnity

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