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Gallman's Annual Output Series for the United States, 1834-1909

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  • Paul W. Rhode

Abstract

This paper presents Robert Gallman's classic, but heretofore unpublished annual series for US national product over the 1834-59 and 1869-1909 periods. The 'Volume 30' series, reported as decadal averages, underlie much of what we know about American income growth and capital formation before 1909. This paper briefly documents Gallman's construction and use of the annual series, offers corrections for minor errors found in the previously circulated versions, compares the series with alternative national product estimates, and explores promising avenues for further research. Most importantly, this paper lays out why Gallman considered his annual 'Volume 30' series unsuitable for business-cycle analysis.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 8860.

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Date of creation: Mar 2002
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Handle: RePEc:nbr:nberwo:8860

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  1. The Conference on Research in Income and Wealth, 1960. "Trends in the American Economy in the Nineteenth Century," NBER Books, National Bureau of Economic Research, Inc, number unkn60-1, July.
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Cited by:
  1. Dwyer, Gerald P. & Devereux, John & Baier, Scott & Tamura, Robert, 2013. "Recessions, growth and banking crises," Journal of International Money and Finance, Elsevier, Elsevier, vol. 38(C), pages 18-40.
  2. Roger W. Ferguson & William L. Wascher, 2004. "Distinguished Lecture on Economics in Government: Lessons from Past Productivity Booms," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 18(2), pages 3-28, Spring.
  3. Klein, Alexander, 2009. "Personal Income of U.S. States : Estimates for the Period 1880–1910," The Warwick Economics Research Paper Series (TWERPS), University of Warwick, Department of Economics 916, University of Warwick, Department of Economics.
  4. Joseph Davis & Vanguard Group; Christopher Hanes, 2004. "Primary Sector Shocks and Early American Industrialization," 2004 Meeting Papers, Society for Economic Dynamics 154, Society for Economic Dynamics.
  5. Joseph H. Davis & Christopher Hanes & Paul W. Rhode, 2009. "Harvests and Business Cycles in Nineteenth-Century America," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 124(4), pages 1675-1727, November.
  6. Joseph H. Davis, 2005. "An Improved Annual Chronology of U.S. Business Cycles since the 1790's," NBER Working Papers 11157, National Bureau of Economic Research, Inc.
  7. Komlos, John, 2012. "A Three-Decade “Kuhnian” History of the Antebellum Puzzle: Explaining the shrinking of the US population at the onset of modern economic growth," Discussion Papers in Economics, University of Munich, Department of Economics 12758, University of Munich, Department of Economics.
  8. Dwyer, Gerald P & Devereux, John & Baier, Scott L. & Tamura, Robert, 2013. "Recessions, Growth and Financial Crises," MPRA Paper 48843, University Library of Munich, Germany, revised Oct 2012.

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