This paper evaluates a well-known approach from the economic history literature that uses grain prices to shed light on interest rates. Although this method has been applied in influential work starting with McCloskey and Nash (1984) and has potentially wide applicability in situations where...

This paper evaluates an approach popularized by McCloskey and Nash (1984) that exploits the fact that grain prices provide information on interest rates. While the grain price approach enables a comparative analysis of capital market development across pre-modern economies and has been applied...