Wage-stickiness, monetary changes, and real incomes in late-medieval England and the low countries 1300–1500: Did money matter?

Munro, John H.

doi:10.1016/s0363-3268(03)21007-7

Cited by 54 publications

(28 citation statements)

References 53 publications

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“…Braudel (1986) notes that, in general, and due to the power of guilds, the wages in the city can usually be considered as higher than those in rural areas. Indeed Munro (2002), when comparing the real wages in England and Flanders between 1300 and 1500, found that the real wages in the cities were higher than in rural areas and showed a higher downward rigidity. In addition, van Bavel and van Zanden (2004) notice that in pre-industrial societies the relationship between city size and nominal wages was usually positive.…”

Section: Theory and Hypothesesmentioning

confidence: 99%

Does medieval trade still matter? Historical trade centers, agglomeration and contemporary economic development

Wahl

2016

Regional Science and Urban Economics

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in AbstractThis study empirically establishes a link between medieval trade, agglomeration and contemporary regional development in ten European countries. It documents a statistically and economically significant positive relationship between prominent involvement in medieval trade and commercial activities and regional economic development today. Further empirical analyses show that medieval trade positively influenced city development both during the medieval period and in the long run; they also reveal a robust connection between medieval city growth and contemporary regional agglomeration and industry concentration. A mediation analysis indicates that a long-lasting effect of medieval trade on contemporary regional development is indeed transmitted via its effect on agglomeration and industry concentration. This research thus highlights the long-run importance of medieval trade in shaping the development of cities as well as the contemporary spatial distribution of economic activity throughout Europe. The path-dependent regional development processes caused by medieval commercial activities help explain the observed persistent regional development differences across the European countries considered.

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Section: Theory and Hypothesesmentioning

confidence: 99%

Does medieval trade still matter? Historical trade centers, agglomeration and contemporary economic development

Wahl

2016

Regional Science and Urban Economics

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“…There were similar changes in the composition of manufactured goods and services. I will not discuss the monetary issues further here, as they fall outside the limits of the present article (see also Findlay andLundahl 2002 andMunro 2003). 74-9;Findlay and Lundahl 2002;also Herlihy 1997, pp.…”

Section: The Black Death and Its Consequencesmentioning

confidence: 99%

The Black Death and the origins of the 'Great Divergence' across Europe, 1300-1600

Pamuk

2007

European Review of Economic History

244

100

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“…An important strand in the current historiography, following Allen (), has explored the ‘Great Divergence’ in real wages between Europe and the rest of the world and the ‘Little Divergence’ between the north and the south of Europe. On a smaller scale, van der Wee () and Munro () compared wages and prices in England and the Low Countries and Malanima () in London and Florence, while Álvarez‐Nogal and de la Escosura () compiled a Consumer Price Index (CPI) for Spain. By contrast, there is relatively little work on French wages and prices during the Middle Ages, with the partial exception of Miskimin's () studies of the relationship between the frequent changes in the standard of the coinage and grain prices.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Our CPIs are based on those constructed by Munro () for Bruges and London, Malanima () for Florence, and Álvarez‐Nogal and de la Escosura () for Spain (Barcelona). Allen and Munro's indices are based on baskets of goods representing a subsistence budget for a worker.…”

Section: Datamentioning

confidence: 99%

Did Purchasing Power Parity Hold in Medieval Europe?

Bell

Brooks

Moore

2016

The Manchester School

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This paper employs a unique, hand‐collected dataset of exchange rates for five major currencies (the lira of Barcelona, the pound sterling of England, the pond groot of Flanders, the florin of Florence and the livre tournois of France) to consider whether the law of one price and purchasing power parity held in Europe during the late fourteenth and early fifteenth centuries. Using single series and panel unit root and stationarity tests and cointegration analysis on 10 real exchange rates between 1383 and 1411, we show that the parity relationship held for the pound sterling and some of the Florentine florin series individually and for almost all of the groups that we investigate. Our findings add to the weight of evidence that trading and arbitrage activities stopped real exchange rates deviating permanently from fair values. This research extends the results reported in other studies back more than 600 years.

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Wage-stickiness, monetary changes, and real incomes in late-medieval England and the low countries 1300–1500: Did money matter?

Cited by 54 publications

References 53 publications

Does medieval trade still matter? Historical trade centers, agglomeration and contemporary economic development

Does medieval trade still matter? Historical trade centers, agglomeration and contemporary economic development

The Black Death and the origins of the 'Great Divergence' across Europe, 1300-1600

Did Purchasing Power Parity Hold in Medieval Europe?

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