Variations in the price and quality of English grain, 1750–1914: Quantitative evidence and empirical implications

Liam Brunt and Edmund Cannon

Explorations in Economic History, 2015, vol. 58, issue C, 74-92

Abstract: Interpretation of historic grain price data may be hazardous owing to systematic grain quality variation — both cross sectionally and over varying time horizons (intra-year, inter-year, long run). We use the English wheat market, 1750–1914, as an example to quantify this issue. First, we show that bushel weight approximates grain quality. Then we show that cross sectional and intra-year variation are substantial and problematic, generating erroneous inference regarding market integration. Long run variation is significant, due to sharply declining international quality differentials, and this impacts estimated cost of living changes. By contrast, inter-year variation is smaller and controlled for more easily.

Keywords: Grain quality; Measurement error; Markets; Cost of living (search for similar items in EconPapers)
JEL-codes: N01 N50 Q13 (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0014498315000285
Full text for ScienceDirect subscribers only

Related works:
Working Paper: Variations in the price and quality of English grain, 1750-1914:quantitative evidence and empirical implications (2015)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:exehis:v:58:y:2015:i:c:p:74-92

DOI: 10.1016/j.eeh.2015.06.001

Access Statistics for this article

Explorations in Economic History is currently edited by R.H. Steckel

More articles in Explorations in Economic History from Elsevier
Bibliographic data for series maintained by Catherine Liu ().