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We exploit a unique historical experiment to study how changes in political legitimacy affect economic performance. In historical China, solar eclipses were interpreted as Heaven's wrath incurred by wrongdoings of the ruling class, signaling a decline in the incumbent's legitimacy. Using an...
This paper documents the short-run macroeconomic impacts of influenza pandemics across 16 countries spanning 1871–2016 using the Jordà–Schularick–Taylor Macrohistory Database and the Human Mortality Database. We find pandemic-induced mortality contributed meaningfully to business cycle...
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