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UK World War I and interwar data for business cycle and growth analysis

Author Info

Listed author(s):
  • James M. Nason
  • Shaun P. Vahey

Abstract

This article contributes new time series for studying the UK economy during World War I and the interwar period. The time series are per capita hours worked and average capital income, labor income, and consumption tax rates. Uninterrupted time series of these variables are provided for an annual sample that runs from 1913 to 1938. The authors highlight the usefulness of these time series with several empirical applications. The per capita hours worked data are used in a growth accounting exercise to measure the contributions of capital, labor, and productivity to output growth. The average tax rates are employed in a Bayesian model averaging experiment to reevaluate the Benjamin and Kochin (1979) regression.

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File URL: http://www.philadelphiafed.org/research-and-data/publications/working-papers/2011/wp11-10.pdf
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Paper provided by Federal Reserve Bank of Philadelphia in its series Working Papers with number 11-10.

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Date of creation: 2011
Handle: RePEc:fip:fedpwp:11-10
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Keywords: Business cycles ; Economic development ; Real-time data;

Other versions of this item:

Find related papers by JEL classification:
  • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
  • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
  • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
  • N34 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Europe: 1913-
  • N44 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: 1913-

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  1. Anton Braun, R., 1994. "Tax disturbances and real economic activity in the postwar United States," Journal of Monetary Economics, Elsevier, vol. 33(3), pages 441-462, June.
  2. Hatton, Timothy J & Bailey, Roy E, 2002. "Unemployment Incidence in Interwar London," Economica, London School of Economics and Political Science, vol. 69(276), pages 631-654, November.
  3. Loungani, Prakash, 1991. "Structural unemployment and public policy in interwar Britain : A review essay," Journal of Monetary Economics, Elsevier, vol. 28(1), pages 149-159, August.
  4. Cooley, Thomas F & Ohanian, Lee E, 1997. "Postwar British Economic Growth and the Legacy of Keynes," Journal of Political Economy, University of Chicago Press, vol. 105(3), pages 439-472, June.
  5. Anthony Garratt & Gary Koop & ShaunP. Vahey, 2008. "Forecasting Substantial Data Revisions in the Presence of Model Uncertainty," Economic Journal, Royal Economic Society, vol. 118(530), pages 1128-1144, 07.
  6. Andrews, Donald W K & Chen, Hong-Yuan, 1994. "Approximately Median-Unbiased Estimation of Autoregressive Models," Journal of Business & Economic Statistics, American Statistical Association, vol. 12(2), pages 187-204, April.
  7. Harold L. Cole & Lee E. Ohanian, 2002. "The U.S. and U.K. Great Depressions Through the Lens of Neoclassical Growth Theory," American Economic Review, American Economic Association, vol. 92(2), pages 28-32, May.
  8. Hess, Gregory D, 1993. "A Test of the Theory of Optimal Taxation for the United States, 1869-1989," The Review of Economics and Statistics, MIT Press, vol. 75(4), pages 712-716, November.
  9. Scott, Andrew, 2007. "Optimal taxation and OECD labor taxes," Journal of Monetary Economics, Elsevier, vol. 54(3), pages 925-944, April.
  10. Benjamin, Daniel K & Kochin, Levis A, 1982. "Unemployment and Unemployment Benefits in Twentieth-Century Britain: A Reply to Our Critics [Searching for an Explanation of Unemployment in Interwar Britain]," Journal of Political Economy, University of Chicago Press, vol. 90(2), pages 410-436, April.
  11. Cho, Jang-Ok & Cooley, Thomas F., 1994. "Employment and hours over the business cycle," Journal of Economic Dynamics and Control, Elsevier, vol. 18(2), pages 411-432, March.
  12. Broadberry, S N, 1986. "Aggregate Supply in Interwar Britain," Economic Journal, Royal Economic Society, vol. 96(382), pages 467-481, June.
  13. Shaun P. Vahey & James M. Nason, 2007. "The McKenna Rule and UK World War I Finance," American Economic Review, American Economic Association, vol. 97(2), pages 290-294, May.
  14. J. A. Dowie, 1975. "1919–20 is in Need of Attention," Economic History Review, Economic History Society, vol. 28(3), pages 429-450, 08.
  15. S. Rao Aiyagari & Albert Marcet & Thomas J. Sargent & Juha Seppala, 2002. "Optimal Taxation without State-Contingent Debt," Journal of Political Economy, University of Chicago Press, vol. 110(6), pages 1220-1254, December.
  16. Brian McCormick, 1959. "Hours of Work in British Industry," ILR Review, Cornell University, ILR School, vol. 12(3), pages 423-433, April.
  17. Metcalf, David & Nickell, Stephen J & Floros, Nicos, 1982. "Still Searching for an Explanation of Unemployment in Interwar Britain," Journal of Political Economy, University of Chicago Press, vol. 90(2), pages 386-399, April.
  18. Benjamin, Daniel K & Kochin, Levis A, 1979. "Searching for an Explanation of Unemployment in Interwar Britain," Journal of Political Economy, University of Chicago Press, vol. 87(3), pages 441-478, June.
  19. MacKinnon, James G, 1996. "Numerical Distribution Functions for Unit Root and Cointegration Tests," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 11(6), pages 601-618, Nov.-Dec..
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