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Variations in the price and quality of English grain, 1750–1914: Quantitative evidence and empirical implications

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  • Brunt, Liam
  • Cannon, Edmund

Abstract

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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  • Brunt, Liam & Cannon, Edmund, 2015. "Variations in the price and quality of English grain, 1750–1914: Quantitative evidence and empirical implications," Explorations in Economic History, Elsevier, vol. 58(C), pages 74-92.
    • Handle: RePEc:eee:exehis:v:58:y:2015:i:c:p:74-92
    DOI: 10.1016/j.eeh.2015.06.001
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    More about this item

    Keywords

    Grain quality; Measurement error; Markets; Cost of living;
    All these keywords.

    JEL classification:

    • N01 - Economic History - - General - - - Development of the Discipline: Historiographical; Sources and Methods
    • N50 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries - - - General, International, or Comparative
    • Q13 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Markets and Marketing; Cooperatives; Agribusiness

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