Meyer, Peter B. (contributor) - 2005
constant,
wages rose 1.2% per year in nominal terms. This was similar to the real effect since inflation was
near zero … overall. During the Civil War there was high inflation and after the Panic of 1873 there
was a substantial deflation. These … of log-wages. This measure has
the virtue that it is invariant to changes in the unit of measure, so if inflation …