Kaufmann, Daniel - 2016 - This version: 28 November 2016
I study the link between real activity and deflation, taking into account measurement problems in 19th century CPI data … activity and deflation may be attenuated because of the errors-in-variables problem. I find that real activity was on average …-regression approach. Moreover, the average short-fall in real activity was not significantly different compared to the Great Depression …