Guerrero, DavidGarcía Hiernaux, Alfredo Alejandro2023-06-202023-06-202011https://hdl.handle.net/20.500.14352/49011JEL: C22, C32, N70, F15This paper provides a new, united, and flexible framework to measure and characterize convergence in prices. We formally define this notion and propose a model to represent a wide range of transition paths that converge to a common steady-state. Our framework enables the econometric measurement of such transi-tional behaviors and the development of testing procedures. Speci¯cally, we derive a statistical test to determine whether convergence exists and, if so, which type: as catching-up or steady-state. The application of this methodology to historic wheat prices results in a novel explanation of the convergence processes experienced during the 19th century.engAtribución-NoComercial 3.0 Españahttps://creativecommons.org/licenses/by-nc/3.0/es/technical reporthttps://www.ucm.es/icaeopen accessPrice convergenceCointegrationLaw of one price.Macroeconomía5307.14 Teoría Macroeconómica