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- catalog abstract ""This paper examines annual commodity price data from England and Holland over a span of seven centuries. Our data set incorporates transaction prices on 8 commodities: barley, butter, cheese, eggs, oats, peas, silver, wheat as well as pound/shilling nominal exchange rates going back, in some cases, to 1273. We find that the volatility and persistence of deviations from the law of one price have been remarkably stable over time. LOP deviations are highly correlated across commodities (especially at annual horizons) and, for most pairwise comparisons in most centuries, at least as volatile as relative prices across different goods within the same country. Our analysis challenges the conventional view that the modern floating exchange rate experience is exceptional in terms of the behavior of relative (exchange-related adjusted) prices across countries."--P. 1.".
- catalog contributor b8416917.
- catalog contributor b8416918.
- catalog contributor b8416919.
- catalog created "c1995.".
- catalog date "1995".
- catalog date "c1995.".
- catalog dateCopyrighted "c1995.".
- catalog description ""This paper examines annual commodity price data from England and Holland over a span of seven centuries. Our data set incorporates transaction prices on 8 commodities: barley, butter, cheese, eggs, oats, peas, silver, wheat as well as pound/shilling nominal exchange rates going back, in some cases, to 1273. We find that the volatility and persistence of deviations from the law of one price have been remarkably stable over time. LOP deviations are highly correlated across commodities (especially at annual horizons) and, for most pairwise comparisons in most centuries, at least as volatile as relative prices across different goods within the same country. Our analysis challenges the conventional view that the modern floating exchange rate experience is exceptional in terms of the behavior of relative (exchange-related adjusted) prices across countries."--P. 1.".
- catalog description "Includes bibliographical references (p. 24-28).".
- catalog extent "45, [25] p. :".
- catalog isPartOf "Working paper (Harvard University. Graduate School of Business Administration. Division of Research) ; HBS 95-086.".
- catalog isPartOf "Working paper / Division of Research, Harvard Business School ; 95-086".
- catalog issued "1995".
- catalog issued "c1995.".
- catalog language "eng".
- catalog publisher "[Boston] : Division of Research, Harvard Business School,".
- catalog spatial "Great Britain".
- catalog spatial "Netherlands".
- catalog subject "Prices Great Britain History.".
- catalog subject "Prices Netherlands History.".
- catalog title "The law of one price over 700 years / by Kenneth A. Froot, Michael Kim, Kenneth Rogoff.".
- catalog type "History. fast".
- catalog type "text".