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
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
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Persistent link: https://EconPapers.repec.org/RePEc:kud:kuiedp:9715
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