A Compromise Estimate of German Net National Product, 1851 1913, and its Implications for Growth and Business Cycles
AbstractWe develop a compromise estimate of the German Net National Product for the years 1851 1913 based on four estimates from Hoffmann (1965) and Hoffmann and M ller (1959) by recalculating industrial production, investment, home and foreign capital income. Because differences remain during the early decades, we compute a weighted average compromise series. Economic activity is shown to be higher than the older estimates suggest. The average growth rate is lower. The average business cycle lasted five years, with high volatility in the early decades. The typical Gr nderzeit pattern of boom then prolonged recession after 1873 can not be confirmed.
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Bibliographic InfoArticle provided by Cambridge University Press in its journal The Journal of Economic History.
Volume (Year): 65 (2005)
Issue (Month): 03 (September)
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