NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Distance and Time Effects in Swedish Commodity Prices, 1732-1914

Mario J. Crucini, Gregor W. Smith

NBER Working Paper No. 22175
Issued in April 2016
NBER Program(s):Development of the American Economy, International Finance and Macroeconomics, International Trade and Investment

We study the role of distance and time in statistically explaining price dispersion across 32 Swedish towns for 19 commodities from 1732 to 1914. The resulting large number of relative prices (502,689) allows precise estimation of distance and time effects, and their interaction. We find an effect of distance that declines significantly over time, beginning in the 18th century, well before the arrival of canals, the telegraph, or the railway.

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Document Object Identifier (DOI): 10.3386/w22175

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