Commodity price integration in Norway 1832 - 1871 : a quantitative study
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- Master Thesis 
This thesis explores price integration in Norwegian commodity markets in the 19th century, using quantitative methods. Convergence regressions confirm that the price growth rate is lower in towns with high initial prices, implying that the price level was equalised. This supports the assumption that the price differentials were diminished, and that the commodity markets became more integrated. Cointegration tests performed on a selection of the commodities reveal that there was a fixed relationship between the prices in different locations. Cointegration is mostly found for the so-called traded goods in the dataset, supporting the assumption that there was a stronger relationship between the prices of goods that were more frequently traded then others.