{
  "title": "The Law of One Price Over 700 Years",
  "publication": "IMF Working Papers, November 1, 2001",
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  "summary": "This paper examines annual commodity price data from England and Holland over a span of seven centuries. Our data incorporates transaction prices on seven commodities: barley, butter, cheese, oats, peas, silver, and wheat, as well as pound/shilling nominal exchange rates going back, in some cases, t",
  "sections": [
    {
      "heading": "Data and scope",
      "content": "- Annual commodity price data from England and Holland spanning seven centuries.\n- Transaction prices on seven commodities: barley, butter, cheese, oats, peas, silver, and wheat.\n- Pound/shilling nominal exchange rates included, with series going back, in some cases, to 1273.\n- Pages: 43\n- Volume: 2001\n- Issue: 174\n- Series: Working Paper No. 2001/174\n- DOI: https://doi.org/10.5089/9781451858693.001\n- Stock No: WPIEA1742001\n- ISBN: 9781451858693\n- ISSN: 1018-5941\n- Publication date: November 1, 2001"
    },
    {
      "heading": "Key findings",
      "content": "- The magnitude, volatility, and persistence of deviations from the law of one price have not declined by as much as one might expect over the seven-century span.\n- This persistence of price deviations occurs despite:\n  - lower transport costs,\n  - reduced trade protection,\n  - and fewer wars and plagues in the modern era.\n- The analysis is consistent with growing evidence that goods-market arbitrage remains highly imperfect, even today."
    },
    {
      "heading": "Subject areas and keywords",
      "content": "- Subject: Agricultural commodities, Commodities, Commodity prices, Metal prices, Prices, Silver\n- Keywords: Agricultural commodities, commodity price series, Commodity prices, Europe, exchange rates, Metal prices, price deviation, price differential, price movement, price trend, purchasing power parity, Silver, simple average, standard deviation, standard error, time series, WP"
    },
    {
      "heading": "Authors and publication type",
      "content": "- By Kenneth Rogoff, Kenneth Froot, Michael Kim\n- Publication type: IMF Working Papers\n\nThis content unit: \"The Law of One Price Over 700 Years\", IMF Working Papers 2001, 174 (2001).\n\n---\n\n Content in this bundle\n\n- The Law of One Price Over 700 Years - WP/01/174\n  - The Law of One Price Over 700 Years - WP/01/174 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - The Law of One Price Over 700 Years - WP/01/174 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/the-law-of-one-price-over-700-years-15428"
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    "Authors: Kenneth Rogoff, Kenneth Froot, Michael Kim",
    "Published: November 1, 2001",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451858693.001",
    "Annual commodity price data from England and Holland spanning seven centuries.",
    "Transaction prices on seven commodities: barley, butter, cheese, oats, peas, silver, and wheat.",
    "Pound/shilling nominal exchange rates included, with series going back, in some cases, to 1273.",
    "Pages: 43",
    "Volume: 2001",
    "Issue: 174",
    "Series: Working Paper No. 2001/174",
    "DOI: https://doi.org/10.5089/9781451858693.001",
    "Stock No: WPIEA1742001",
    "ISBN: 9781451858693",
    "ISSN: 1018-5941",
    "Publication date: November 1, 2001",
    "The magnitude, volatility, and persistence of deviations from the law of one price have not declined by as much as one might expect over the seven-century span.",
    "This persistence of price deviations occurs despite:",
    "The analysis is consistent with growing evidence that goods-market arbitrage remains highly imperfect, even today.",
    "Subject: Agricultural commodities, Commodities, Commodity prices, Metal prices, Prices, Silver",
    "Keywords: Agricultural commodities, commodity price series, Commodity prices, Europe, exchange rates, Metal prices, price deviation, price differential, price movement, price trend, purchasing power parity, Silver, simple average, standard deviation, standard error, time series, WP",
    "By Kenneth Rogoff, Kenneth Froot, Michael Kim",
    "Publication type: IMF Working Papers",
    "**The Law of One Price Over 700 Years - WP/01/174**"
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