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Variations in the price and quality of English grain, 1750-1914: quantitative evidence and empirical implications.

Brunt, Liam; Cannon, Edmund
Working paper
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http://hdl.handle.net/11250/280986
Utgivelsesdato
2015-03
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  • Discussion papers (SAM) [604]
Sammendrag
Interpretation of historic grain price data may be hazardous owing to systematic grain quality

variation – both cross sectionally and over varying time horizons (intra-year, inter-year, long

run). We use the English wheat market, 1750-1914, as an example to quantify this issue. First,

we show that bushel weight approximates grain quality. Then we show that cross sectional and

intra-year variation are substantial and problematic, generating erroneous inference regarding

market integration. Long run variation is significant, due to sharply declining international

quality differentials, and this impacts estimated cost of living changes. By contrast, inter-year

variation is smaller and controlled for more easily.
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SAM
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Discussion paper;06/15

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