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International Wheat Price Transmission And Cap Reform

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  • Thompson, Stanley R.
  • Bohl, Martin T.
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    Abstract

    We illustrate how CAP policy reforms influence the transmission of world prices to domestic markets. Monthly wheat price data in Germany are used to obtain price transmission elasticities. Correctly accounting for structural breaks and the time series properties of the data yield transmission elasticities that differ dramatically among policy regimes.

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    File URL: http://purl.umn.edu/21705
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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 21705.

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    Date of creation: 1999
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    Handle: RePEc:ags:aaea99:21705

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    Keywords: Agricultural and Food Policy; Demand and Price Analysis;

    References

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    1. D. Gale Johnson, 1998. "Food Security and World Trade Prospects," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 80(5), pages 941-947.
    2. James G. MacKinnon, 1990. "Critical Values for Cointegration Tests," Working Papers 1227, Queen's University, Department of Economics.
    3. Nathan S. Balke & Thomas B. Fomby, 1992. "Threshold cointegration," Research Paper 9209, Federal Reserve Bank of Dallas.
      • 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.
    4. Mundlak, Yair & Larson, Donald F, 1992. "On the Transmission of World Agricultural Prices," World Bank Economic Review, World Bank Group, vol. 6(3), pages 399-422, September.
    5. 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.
    6. Fackler, Paul L. & Goodwin, Barry K., 2001. "Spatial price analysis," Handbook of Agricultural Economics, in: B. L. Gardner & G. C. Rausser (ed.), Handbook of Agricultural Economics, edition 1, volume 1, chapter 17, pages 971-1024 Elsevier.
    7. Dickey, David A & Fuller, Wayne A, 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica, Econometric Society, vol. 49(4), pages 1057-72, June.
    8. Hall, Alastair R, 1994. "Testing for a Unit Root in Time Series with Pretest Data-Based Model Selection," Journal of Business & Economic Statistics, American Statistical Association, vol. 12(4), pages 461-70, October.
    9. Enders, Walter & Siklos, Pierre L, 2001. "Cointegration and Threshold Adjustment," Journal of Business & Economic Statistics, American Statistical Association, vol. 19(2), pages 166-76, April.
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    Cited by:
    1. Listorti, Giulia, 2008. "International price transmission on soft wheat markets: which role for policy variables in cointegration relationships?," 2008 International Congress, August 26-29, 2008, Ghent, Belgium 43843, European Association of Agricultural Economists.
    2. Mela, Giulio, 2012. "Did the Fischler reform increase market integration between the EU and world commodity markets?," Congress Papers 124107, Italian Association of Agricultural and Applied Economics (AIEAA).
    3. Giulia LISTORTI, 2008. "Price Transmission Mechanisms: a Policy Investigation of International Wheat Markets," Working Papers 318, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.

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