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The Role of Mechanical Refrigeration in Spatial and Temporal Price Dynamics for Regional U.S. Egg Markets, 1880–1911

Author Info

  • Craig, Lee
  • Holt, Matthew T.

Abstract

This paper examines the role of mechanical refrigeration in temporal and spatial price relationships for regional egg markets in the United States, 1880–1911. Notably, this period encompasses an era in which widespread adoption of mechanical refrigeration greatly impacted the ability to briefly store otherwise perishable items. This development in turn altered observed price dynamics for many perishable commodities, including fresh eggs. We use a class of time series models, time–varying autoregressions (TVARs), to document both the structural change and the corresponding impact on spatial price dynamics for U.S. regional egg price relationships during the late 19th and early 20th centuries.

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File URL: https://mpra.ub.uni-muenchen.de/39554/1/MPRA_paper_39554.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 39554.

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Date of creation: 19 Jun 2012
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Handle: RePEc:pra:mprapa:39554
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Keywords: Egg prices; Half life; Law of one price; Refrigeration; Structural change; Time–varying smooth transition autoregression;

Find related papers by JEL classification:

  • Q13 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Markets and Marketing; Cooperatives; Agribusiness
  • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
  • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
  • N91 - Economic History - - Regional and Urban History - - - U.S.; Canada: Pre-1913

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  1. Eklund, Bruno, 2003. "A nonlinear alternative to the unit root hypothesis," SSE/EFI Working Paper Series in Economics and Finance 547, Stockholm School of Economics.
  2. Lin, Chien-Fu Jeff & Terasvirta, Timo, 1994. "Testing the constancy of regression parameters against continuous structural change," Journal of Econometrics, Elsevier, vol. 62(2), pages 211-228, June.
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  5. Barry K. Goodwin & Matthew T. Holt & Jeffrey P. Prestemon, 2011. "North American Oriented Strand Board Markets, Arbitrage Activity, and Market Price Dynamics: A Smooth Transition Approach," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 93(4), pages 993-1014.
  6. Craig, Lee A. & Holt, Matthew T., 2008. "Mechanical refrigeration, seasonality, and the hog-corn cycle in the United States: 1870-1940," Explorations in Economic History, Elsevier, vol. 45(1), pages 30-50, January.
  7. Goodwin, Barry K. & Piggott, Nicholas E., 1999. "Spatial Market Integration In The Presence Of Threshold Effects," 1999 Annual meeting, August 8-11, Nashville, TN 21489, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  8. O'Connell, Paul G. J. & Wei, Shang-Jin, 2002. ""The bigger they are, the harder they fall": Retail price differences across U.S. cities," Journal of International Economics, Elsevier, vol. 56(1), pages 21-53, January.
  9. Kujovich, Mary Yeager, 1970. "The Refrigerator Car and the Growth of the American Dressed Beef Industry," Business History Review, Cambridge University Press, vol. 44(04), pages 460-482, December.
  10. Skalin, Joakim & Teräsvirta, Timo, 1998. "Modelling asymmetries and moving equilibria in unemployment rates," SSE/EFI Working Paper Series in Economics and Finance 262, Stockholm School of Economics, revised 05 Oct 1998.
  11. van Dijk, Dick & Strikholm, Birgit & Teräsvirta, Timo, 2001. "The effects of institutional and technological change and business cycle fluctuations on seasonal patterns in quarterly industrial production series," SSE/EFI Working Paper Series in Economics and Finance 0429, Stockholm School of Economics, revised 16 May 2002.
  12. Aduddell, Robert M. & Cain, Louis P., 1981. "Public Policy Toward “The Greatest Trust in the World”," Business History Review, Cambridge University Press, vol. 55(02), pages 217-242, June.
  13. Ming Chien Lo & Eric Zivot, 1999. "Threshold Cointegration and Nonlinear Adjustment to the Law of One Price," Discussion Papers in Economics at the University of Washington 0030, Department of Economics at the University of Washington.
  14. Teresa Serra & Barry K. Goodwin, 2004. "Regional Integration of Nineteenth Century U.S. Egg Markets," Journal of Agricultural Economics, Wiley Blackwell, vol. 55(1), pages 59-74.
  15. Robert B. Davies, 2002. "Hypothesis testing when a nuisance parameter is present only under the alternative: Linear model case," Biometrika, Biometrika Trust, vol. 89(2), pages 484-489, June.
  16. Ghoshray, Atanu, 2010. "Smooth transition effects in price transmission: The case of international wheat export prices," Economics Letters, Elsevier, vol. 106(3), pages 169-171, March.
  17. Teresa Serra & Barry K. Goodwin & José M. Gil & Anthony Mancuso, 2006. "Non-parametric Modelling of Spatial Price Relationships," Journal of Agricultural Economics, Wiley Blackwell, vol. 57(3), pages 501-522.
  18. Matthew T. Holt & Lee A. Craig, 2006. "Nonlinear Dynamics and Structural Change in the U.S. Hog—Corn Cycle: A Time-Varying STAR Approach," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 88(1), pages 215-233.
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