This paper analyses 19th century wheat market integration using comovement analysis borrowed from international business cycle research. This allows for tracking each single city's integration into its respective national market while controlling for international developments. I nd that the...

This study analyzes annual wheat prices in 13 German cities in the years 1806 to 1855, together with wheat price series from 44 other European and American cities. The method used is a dynamic factor model, which allows for distinguishing common price uctuations on international and national...