This paper attempts to establish the trend of market development in Europe in thecenturies before the industrial revolution, by applying three different measures ofmarket integration to a compilation of monthly and annual price data. In contrast tomuch of the existing work, which suggests that...

The existence of a self-regulating arbitrage mechanism under the gold standard has been tradi-tionally considered as one of its main advantages, and attracted a corresponding research interest.This research is arguably relevant not only to test for the effciency of the gold points, but also...

Characteristics models have been found to be useful in many areas of economics. However,their empirical implementation tends to rely heavily on functional form assumptions. Inthis paper we develop a revealed preference approach to characteristics models. We derivethe necessary and sufficient...