This paper studies the role of credit in the business cycle, with a focus on private credit overhang. Based on a study of the universe of over 200 recession episodes in 14 advanced countries between 1870 and 2008, we document two key facts of the modern business cycle: financial-crisis...

Estimates are developed of the major macroeconomic aggregates wages, land rents, interest rates, prices, factor shares, sectoral shares in output and employment, and real wages for England by decade between 1209 and 2008. The efficiency of the economy 1209-2008 is also estimated. One finding is...

Occupations listed in wills reveal that as early as 1560 effectively only 60% of the English engaged in farming. Even by 1817, well into the Industrial Revolution, the equivalent primary share, once we count in food and raw material imports, was still 52%. By implication, incomes in...