Local polynomial fitting and spatial price relationships: price transmission in EU pork markets |
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Authors: | Serra Teresa; Gil Jose M; Goodwin Barry K |
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Institution: | Centre de Recerca en Economia i Desenvolupament Agroalimentaris (CREDA)-UPC-IRTA, Castelldefels, Spain |
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Abstract: | We study price transmission processes within EU pork marketsafter the implementation of the EU single market in 1993. Wecompare results derived from non-parametric regressions withthose obtained using alternative non-linear threshold models.Both techniques support the hypothesis that prices are transmittedacross spatially separate EU pig markets and provide evidencefor asymmetric price adjustments. They also suggest the existenceof a range of price differentials where equilibrating priceadjustments are less intense. Non-parametric techniques oftensuggest a higher degree of price transmission than that impliedby threshold models. |
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Keywords: | price transmission pork markets non-parametric methods |
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