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European Review of Agricultural Economics 2007 34(1):53-80; doi:10.1093/erae/jbm009
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© Oxford University Press and Foundation for the European Review of Agricultural Economics 2007; all rights reserved. For permissions, please email journals.permissions@oxfordjournals.org

Asymmetric price transmission in the Spanish lamb sector

M. Ben-Kaabia1 and José M. Gil2,

1 University of Zaragoza, Zaragoza Spain
2 CREDA-UPC-IRTA, Barcelona, Spain

Corresponding author: José M. Gil, CREDA-UPC-IRTA, Edifici ESAB–Parc Mediterrani de la Tecnologia Av. del Canal Olimpic s/n, 08860-Castelldefels (Barcelona), Spain. Telephone: +34 9355 21210. Fax: +34 9355 21121. E-mail: chema.gil{at}upc.edu

Received June 2006; Revision received January 2007. This article investigates the non-linear adjustment between farm and retail prices in the lamb sector in Spain, using a three-regime Threshold Autoregressive Model. The results indicate that, in the long run, price transmission is perfect and any supply or demand shocks are fully transmitted along the marketing chain. In the short run, price adjustments between the farm and the retail levels are asymmetric and reveal a demand-pull transmission mechanism. On the other hand, retailers benefit from any shock, whether positive or negative, that affects supply or demand conditions.

Keywords: asymmetries, non-linear adjustments, lamb prices, Spain

JEL classification: C32, L11, Q11, Q13


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