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

Author

Listed:
  • Mette Ejrnæs

    (University of Copenhagen Institute of Economics)

  • Karl Gunnar Persson

    (University of Copenhagen Institute 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.

Suggested Citation

  • Mette Ejrnæs & Karl Gunnar Persson, 1997. "Market Integration and Grain Price Stabilization in Europe 1500-1900. An Equilibrium Error Correction Approach," Discussion Papers 97-15, University of Copenhagen. Department of Economics.
    • Handle: RePEc:kud:kuiedp:9715
    as

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    More about this item

    Keywords

    market integration; equilibrium error correction; law of one price;
    All these keywords.

    JEL classification:

    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
    • N73 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - Europe: Pre-1913

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