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

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.

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Year of publication:	1997-11
Authors:	Ejrnæs, Mette ; Persson, Karl Gunnar
Institutions:	Økonomisk Institut, Københavns Universitet
Subject:	market integration \| equilibrium error correction \| law of one price

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Series:	Discussion Papers.
Type of publication:	Book / Working Paper
Notes:	Number 97-15 61 pages
Classification:	N23 - Europe: Pre-1913 ; N73 - Europe: Pre-1913
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005749585