This article analyzes international business cycles in Europe 1862-1913 using disaggregated data and Dynamic Factor Analysis. In comparison with estimates of real national product there is more evidence for international business cycles in disaggregated data of Germany, France and Great Britain...

This article presents new data on grain production, storage and prices in Saxony between 1789 and 1830. We contribute to three interrelated debates. First, we discuss whether monthly price increases were sufficient to cover storage costs, and how they relate to storage levels at the end of the...

Using a Markov-switching GARCH model this paper analyzes the volatility evolution of the greenback's price in gold from after the Civil War until the return to gold convertibility in 1879. The econometric inference associated with our methodology indicates a switch to a regime of low volatility...

This study analyzes annual wheat prices in 13 German cities in the years 1806 to 1855, together with wheat price series from 44 other European and American cities. The method used is a dynamic factor model, which allows for distinguishing common price uctuations on international and national...

This paper analyses 19th century wheat market integration using comovement analysis borrowed from international business cycle research. This allows for tracking each single city's integration into its respective national market while controlling for international developments. I nd that the...