Milk--"It does a body good." It's difficult to deny the truth of the American Dairy Council's former advertising campaign. From birth milk is the sustaining and essential food of all mammals. It is the first food we ever taste. And yet, despite that na.

This paper identifies a sharp decline in the volatility of consol prices after the end of the Napoleonic wars in 1815. The volatility of consol returns drops by more than half after 1815 and our empirical testing confirms a long period of remarkable stability that includes the entire Victorian...