François R. Velde: What Happened to the US Economy During the 1918 Influenza Pandemic?, in: Federal Reserve Bank of Chicago, Working Paper, No. 2020-11, April 2020, https://doi.org/10.21033/wp-2020-11.
Arthur F. Burns and Wesley C. Mitchell discovered for 1918 a recession of “exceptional brevity and moderate amplitude” in their 1946 publication. François R. Velde confirms their judgment by examining a variety of high-frequency, aggregate and cross-sectional data. Continue reading