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Price Transmission, Threshold Behavior, And Asymmetric Adjustment In The U.S. Pork Sector

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  • Harper, Daniel C.
  • Goodwin, Barry K.

Abstract

An asymmetric, threshold error correction model is used to evaluate price transmission among farm, wholesale, and retail pork markets. Threshold effects are confirmed. Results indicate asymmetries and suggest that adjustments are completed in about four weeks. Price transmission is unidirectional, flowing from the farm, to wholesale markets, to retail markets.

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Bibliographic Info

Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 1999 Annual meeting, August 8-11, Nashville, TN with number 21666.

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Date of creation: 1999
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Handle: RePEc:ags:aaea99:21666

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Keywords: Demand and Price Analysis; Livestock Production/Industries;

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References

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  1. Obstfeld, Maurice & Taylor, Alan M, 1997. "Nonlinear Aspects of Goods-Market Arbitrage and Adjustment: Heckscher's Commodity Points Revisited," CEPR Discussion Papers 1672, C.E.P.R. Discussion Papers.
  2. Bailey, DeeVon & Brorsen, B. Wade, 1989. "Price Asymmetry In Spatial Fed Cattle Markets," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 14(02), December.
  3. Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-76, March.
  4. Balke, Nathan S & Fomby, Thomas B, 1997. "Threshold Cointegration," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 38(3), pages 627-45, August.
  5. Siklos, P.L. & Granger, C.W.J., 1997. "Regime Sensitive Cointegration with an Application to Interest rate Parity," Working Papers 97-5, Wilfrid Laurier University, Department of Economics.
  6. Bruce E. Hansen, 1997. "Inference in TAR Models," Studies in Nonlinear Dynamics & Econometrics, Berkeley Electronic Press, vol. 2(1), pages 1.
  7. Simon M. Potter, 1993. "A Nonlinear Approach to U.S. GNP," UCLA Economics Working Papers 693, UCLA Department of Economics.
  8. Siklos, P.L. & Granger, C.W.J., 1997. "Regime Sensitive Cointegration with an Application to Interest rate Parity," Working Papers 97-5, Wilfrid Laurier University, Department of Economics.
  9. Ted C. Schroeder, 1988. "Price linkages between wholesale and retail pork cuts," Agribusiness, John Wiley & Sons, Ltd., vol. 4(4), pages 359-369.
  10. Goodwin, Barry K. & Grennes, Thomas J., 1998. "Tsarist Russia and the World Wheat Market," Explorations in Economic History, Elsevier, vol. 35(4), pages 405-430, October.
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Cited by:
  1. Revoredo-Giha, Cesar & Nadolnyak, Denis A. & Fletcher, Stanley M., 2004. "Explaining Price Transmission Asymmetry In The Us Peanut Marketing Chain," 2004 Annual meeting, August 1-4, Denver, CO 20363, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  2. von Cramon-Taubadel, Stephan & Loy, Jens-Peter & Meyer, Jochen, 2003. "The Impact Of Data Aggregation On The Measurement Of Vertical Price Transmission: Evidence From German Food Prices," 2003 Annual meeting, July 27-30, Montreal, Canada 21987, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  3. Stephan Brosig & Thomas Glauben & Linde Götz & Enno‐Burghard Weitzel & Ahmet Bayaner, 2011. "The Turkish wheat market: spatial price transmission and the impact of transaction costs," Agribusiness, John Wiley & Sons, Ltd., vol. 27(2), pages 147-161, Spring.
  4. Traub, Lulama Ndibongo & Myers, Robert J. & Jayne, Thomas S. & Meyer, Ferdinand H., 2010. "Measuring Integration and Efficiency in Maize Grain Markets: The Case of South Africa and Mozambique," 2010 AAAE Third Conference/AEASA 48th Conference, September 19-23, 2010, Cape Town, South Africa 96644, African Association of Agricultural Economists (AAAE) & Agricultural Economics Association of South Africa (AEASA).
  5. Teresa Serra & Barry Goodwin, 2003. "Price transmission and asymmetric adjustment in the Spanish dairy sector," Applied Economics, Taylor and Francis Journals, vol. 35(18), pages 1889-1899.
  6. Boetel, Brenda L. & Liu, Donald J., 2008. "Incorporating Structural Changes in Agricultural and Food Price Analysis: An Application to the U.S. Beef and Pork Sectors," Working Papers 44076, University of Minnesota, The Food Industry Center.
  7. Boetel, Brenda L. & Liu, Donald J., 2008. "Further Evidence of Price Transmission and Asymmetric Adjustment in the U.S. Beef and Pork Sectors," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6169, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  8. Ralph-C Bayer & Changxia Ke, 2011. "Rockets and Feathers in the Laboratory," Working Papers rockets_and_feathers_in_t, Max Planck Institute for Tax Law and Public Finance.

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