By Richard Baldwin
Vox direction partners are rigorously chosen collections of Vox columns designed to complement center undergraduate economics textbooks. This better half, the 1st of the sequence, addresses Mankiw’s Macroeconomics. Vox path partners offer appropriate examples of monetary conception in motion and supply thought-provoking views on arguments that arise again and again in exam-style questions. they create jointly analyses of monetary phenomena via major economists as they occurred, whereas employing and evaluating the suitability of competing financial theories.
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Example text
Is this the right conclusion? A first thing to note is that the ECB also published the mean net wealth of households in the Eurozone. Surprisingly, the mean household wealth numbers were not given much attention in the media, despite the fact that when compared with the median numbers they provide important information about the distribution of wealth in the different member countries. We show the mean wealth numbers in Figure 2. It is striking to find that the mean household wealth of Germany (approximately €200,000) is not the lowest of the Eurozone anymore.
Table 1. Sources for Russia’s national income, 1885-1990 In a recent paper, Andrei Markevich and I build the first consistent annual measures of real national income in the territories of the Russian Empire (from 1913 to 1917) and the interwar Soviet Union (from 1913 to 1928) at 1913 prices (Markevich and Harrison 2011). We combine the outputs of agriculture, large and small industry, transport and construction, civilian and military services. Underlying data are plentiful and were mostly published at the time with much regional disaggregation.
The opposite is true for most southern Eurozone countries. All the final values are adjusted to the price level of the 2012 euro. 1 The survey is based on a sample of 62000 households across 15 Eurozone countries. 2 Note that we use per capita wealth numbers not wealth per household. Russia’s national income in war and revolution, 1913 to 1928 Mark Harrison and Andrei Markevich University of Warwick; New Economic School, Moscow 11 May 2012 At the start of the 1920s, Russia’s economy suffered the greatest economic catastrophe of a turbulent 20th century.
