期刊名称：Discussion Papers / Norwegian School of Economics and Business Administration
印刷版ISSN：0804-6824
出版年度：2015
卷号：2015
出版社：Bergen
摘要：Interpretation of historic grain price data may be hazardous owing to systematic grain qualityvariation – both cross sectionally and over varying time horizons (intra-year, inter-year, longrun). 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 andintra-year variation are substantial and problematic, generating erroneous inference regardingmarket integration. Long run variation is significant, due to sharply declining internationalquality differentials, and this impacts estimated cost of living changes. By contrast, inter-yearvariation is smaller and controlled for more easily
