This article provides empirical evidence from the ‘first wave of globalization’ in the 19th century for the question as to how commodity markets integrated domestically and internationally. I apply a dynamic factor model borrowed from business cycle analysis that for the first time allows me...

In Malthusian economies, crop shortages could be a matter of life and death. The development of regional and national markets for grain held the potential to provide insurance against the demographic consequences of local crop failure. Weather shocks that are reflected in price data, however,...

In recent years, there has been an increasing focus by policymakers on rural infrastructure in the United States, including most recently tax credits to encourage investment. Previous work has documented the importance of railroad expansion for nineteenth century development, and demonstrated...