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L'impact des chocs nominaux sur la transmission des prix: le cas de l'introduction de l'euro sur le marché allemand de l'alimentaire

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  • Jochen Meyer
  • Thomas Glauben
  • Jens Peter Loy

Abstract

[eng] Impact of nominal shocks on the transmission of prices: the case of euro introduction in the german food market - In this paper the impact of the introduction of the Euro on the vertical price transmission in German food markets is analyzed. It is hypothesized that following the introduction of the Euro the presence of money illusion might have lead to higher real prices, and if so it is likely accompanied by higher margins between respective wholesale and retail prices. While other studies have mainly focused on the behavior of average prices, here reactions at the individual store level are investigated. For lettuce and chicken the vertical price relationships between retail and wholesale prices are estimated by employing an error correction approach, which is enhanced to test for structural breaks with a flexible time frame using a F-max approach. The results indicate significant changes in the vertical price relationships for one forth of the retailers under study. Though significant the directions of changes do not uniquely fit the theoretical predictions for money illusion. Thus, the majority of German food retailers has not used the introduction of the Euro to increase their mark ups. [fre] Nous analyserons dans cet article l'impact de l'adoption de l'euro sur la transmission verticale des prix dans le marché allemand de l'alimentaire. L'hypothèse qu'on adopte est qu'avec l'adoption de l'euro, la présence d'illusion monétaire a conduit à une élévation des prix réels. Si cette hypothèse est vraie, cette élévation s'est probablement accompagnée par une élévation des marges entre les prix de gros et du détail. Alors que les études ultérieures se sont principalement concentrées sur le comportement des prix moyens, cette étude analyse le comportement des prix au niveau des détaillants individuels. Pour la laitue et le poulet, la relation verticale de prix entre les prix du détail et de gros est estimée en employant une approche de correction d'erreur, améliorée pour tester les ruptures structurelles sur une période de temps flexible utilisant une approche F-max. Les résultats indiquent un changement significatif dans la relation verticale de prix pour un quart des détaillants étudiés. Quoique significative, la direction de ces changements ne correspond pas parfaitement avec les prédictions théoriques de la théorie de l'illusion monétaire. On conclut que la majorité des détaillants allemands de l'alimentaire n'ont pas utilisé l'adoption de l'euro pour augmenter leurs marges.

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File URL: http://dx.doi.org/10.3406/ecoru.2004.5505
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Bibliographic Info

Article provided by Programme National Persée in its journal Économie rurale.

Volume (Year): 283 (2004)
Issue (Month): 1 ()
Pages: 47-61

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Handle: RePEc:prs:recoru:ecoru_0013-0559_2004_num_283_1_5505

Note: DOI:10.3406/ecoru.2004.5505
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Web page: http://www.persee.fr/web/revues/home/prescript/revue/ecoru

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