Market Integration and Grain Price Stabilization in Europe 1500-1900. An Equilibrium Error Correction Approach

Mette Ejrnæs and Karl Gunnar Persson
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Karl Gunnar Persson: University of Copenhagen Institute of Economics

No 97-15, Discussion Papers from University of Copenhagen. Department of Economics

Abstract: Over the 400 years covered by this study European grain markets became increasingly integrated as measured by the speed of adjustment back to equilibrium after a shock. Market integration smoothened local supply shocks and therefore generated price stability which can be seen as having a positive welfare effect.

Keywords: market integration; equilibrium error correction; law of one price (search for similar items in EconPapers)
JEL-codes: N23 N73 (search for similar items in EconPapers)
Pages: 61 pages
Date: 1997-11
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Persistent link: https://EconPapers.repec.org/RePEc:kud:kuiedp:9715

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