Modeling asymmetric price transmission in the European food market |
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| Institution: | 1. Department of Agricultural Economics and Rural Development, Agricultural University of Athens, Greece;2. Lancaster University Management School, United kingdom;3. Athens University of Economics and Business, Greece;1. University of Kiel, Germany;2. University of Bamberg, Germany;1. University of Pécs Faculty of Business and Economics, Department of Economics and Econometrics, 80. Rákóczi Street, 7622 Pécs, Hungary;2. Regional Innovation and Entrepreneurship Research Center (RIERC) University of Pécs Faculty of Business and Economics, Hungary;3. Vienna University of Economics and Business, Department of Economics, 1. Welthandelsplatz, 1020 Vienna, Austria;1. Department of Economics, Kansas State University, USA;2. Department of Agricultural Economics, Kansas State University, USA;1. NEOMA Business School, 59 Rue Pierre Taittinger, 51100 Reims, France;2. Bank of Italy, Directorate General for Economics, Statistics and Research, Via Nazionale 91, 00184, Rome, Italy |
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| Abstract: | In this study, we employ a multivariate panel error correction model (PVECM) to investigate asymmetric price transmission among the farm, processor, and retail segments of the European food supply chain for the 2005–2016 period. The results indicate that, in both the long- and short-run, retail prices respond more strongly to processor price increases than decreases and the same occurs for processor prices due to farm price changes. Thus, the findings demonstrate the presence of positive asymmetric price transmission in the European food supply chain. Finally, the results of the present study indicate that the food price pass-through varies greatly across product category and across countries, and that the pass-through to producer prices is greater than that to consumer prices. |
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| Keywords: | Multivariate panel vector error correction models Asymmetric price transmission European food supply chain Q11 C50 C13 |
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