Asymmetric Price Transmission in Food Supply Chains: Impulse Response Analysis by Local Projections
In this paper we set out Jorda’s (2005) method of local projections by which nonlinear impulse responses can be computed without the need to specify and estimate the underlying nonlinear dynamic system. The method is used to compute price reaction functions that show how the prices of the different stages in the supply chain dynamically respond to one another and whether or not these responses reveal any asymmetric patterns. Empirical applications for the US pork-meat and broiler composite chains illustrate the convenience of the method.
|Date of creation:||02 Sep 2011|
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