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Mean spillover effects in agricultural prices: The case of Greece

  • Nicholas Apergis

    (University of Macedonia, Department of European and International, Economic and Political Studies, Thessaloniki 54006, Greece., E-mail: napergis@uom.gr)

  • Anthony Rezitis

    (University of Ioannia, Scholl of Natural Resources and Enterprise Management, Department of Farm Organization and Management, 2, G. Seferi Str., Agrinio 301 00, Greece. E-mail: arezitis@cc.uoi.gr)

This article investigates the behavior of agricultural input prices, agricultural output prices, and retail food prices using the cointegration|error-correction methodology. The findings support “cost push” and “demand pull” theories, because disequilibrium at the input level is transmitted to the retail level, and vice versa, through the output level. The estimated error-correction coefficients and price responses indicate, first, imperfect price transmission among agricultural input, output, and retail food prices, and second, that agricultural output prices are more flexible than agricultural input and retail food prices. [EconLit citations: Q110; Q130]. © 2003 Wiley Periodicals, Inc. Agribusiness 19: 425-437, 2003.

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File URL: http://hdl.handle.net/10.1002/agr.10071
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Article provided by John Wiley & Sons, Ltd. in its journal Agribusiness.

Volume (Year): 19 (2003)
Issue (Month): 4 ()
Pages: 425-437

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Handle: RePEc:wly:agribz:v:19:y:2003:i:4:p:425-437
Contact details of provider: Web page: http://onlinelibrary.wiley.com/journal/10.1002/(ISSN)1520-6297

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  1. Engle, Robert F, 1978. "Testing Price Equations for Stability across Spectral Frequency Bands," Econometrica, Econometric Society, vol. 46(4), pages 869-81, July.
  2. Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
  3. L Bettendorf & F Verboven, 2000. "Incomplete transmission of coffee bean prices: evidence from The Netherlands," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 27(1), pages 1-16, March.
  4. Zanias, George P, 1998. "Inflation, Agricultural Prices and Economic Convergence in Greece," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 25(1), pages 19-29.
  5. Richard Tiffin & P. J. Dawson, 2000. "Structural breaks, cointegration and the farm-retail price spread for lamb," Applied Economics, Taylor & Francis Journals, vol. 32(10), pages 1281-1286.
  6. Colman, David, 1985. "Imperfect Transmission of Policy Prices," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 12(3), pages 171-86.
  7. Granger, C. W. J., 1988. "Some recent development in a concept of causality," Journal of Econometrics, Elsevier, vol. 39(1-2), pages 199-211.
  8. Barry K. Goodwin & Matthew T. Holt, 1999. "Price Transmission and Asymmetric Adjustment in the U.S. Beef Sector," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 81(3), pages 630-637.
  9. Devadoss, Stephen & Meyers, William H., 1987. "Relative Prices and Money: Further Results for the United States," Staff General Research Papers 10856, Iowa State University, Department of Economics.
  10. Theodosios B. Palaskas, 1995. "Statistical Analysis Of Price Transmission In The European Union," Journal of Agricultural Economics, Wiley Blackwell, vol. 46(1), pages 61-69.
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