Precios y salarios en Madrid, 1680-1800

Abstract

The essential aim of this article is to analyze the evolution of prices and real wages in Madrid between 1680 and 1800. The basic source for this research consists of the account books from different charity institutions. The main conclusions are: 1) after 1690, the cost of living in Madrid and in most European cities evolved in a similar way; 2) year on year price fluctuations were less steep in Madrid than in Palencia, Seville and Toledo; 3) in the second half of the 18th century, Madrid was one of Europe's cities where wages of unskilled workers fell more abruptly; 4) during the 18th century, skill premium remained in high levels in construction and increased notably in the services sector; and, 5) the wage gap between men and women decreased during the century owing, probably, to the relative increment in demand for female labour in the important sector of Madrid's domestic services. KEY Classification-JEL: N33, N63, N90, N93