Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/241114 
Year of Publication: 
2020
Series/Report no.: 
Staff Report No. 921
Publisher: 
Federal Reserve Bank of New York, New York, NY
Abstract: 
This paper uses several historical data-sets from Germany to show that influenza mortality in 1918-1920 was correlated with (i) lower per-capita spending, especially on services consumed by the young, in the following decade and (ii) the share of votes received by extremist parties in 1932 and 1933. These results are robust when controlling for demographics, population changes, city-level wages, city-level exposure to hyperinflation in 1923, and regional unemployment, and when instrumenting influenza mortality.
Subjects: 
influenza
pandemic
municipal spending
voter extremism
JEL: 
H3
H4
I15
N14
Document Type: 
Working Paper

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