scholarly journals The Short- and Long-Term Costs of a Severe Drought on Retail Peanut Butter Prices and Consumers

2021 ◽  
Vol 53 (2) ◽  
pp. 259-279
Author(s):  
Xiao Dong ◽  
Gregory M. Astill
Keyword(s):  
Peanut Butter ◽  
Simple Calculation ◽  
Food Prices ◽  
Price Transmission ◽  
Severe Drought ◽  
Asymmetric Price Transmission ◽  
Post Shock ◽  
Short And Long Term ◽  
Peanut Production

AbstractThis article investigates the short- and long-term costs of an extreme weather event on retail food prices and consumer expenditures. We utilize the 2011 severe peanut drought as a quasi-natural experiment and find that retail peanut butter prices increased 21.3% as a result of the drought-driven shock in farm peanut production and prices. Moreover, we identify long-term costs due to positive asymmetric price transmission as retail peanut butter prices returned to pre-shock levels much more slowly and remained on average 6.2% higher for 4 years after farm peanut prices returned to pre-shock levels. For consumers, the drought increased peanut butter costs, and the persistence of higher prices in peanut butter led to long-term consumer costs. Peanut butter expenditure on average increased by 4.8% post-shock, with lower-income households increasing expenditures even more. A simple calculation estimates that higher peanut butter prices inflicted a cost of $1.08 billion during the shock, and sticky post-shock peanut butter prices imposed a cost of $628 million to U.S. consumers.

scholarly journals Short and Long-term Asymmetric Farm-Retail Price Transmission Analysis in the Canadian Agri-food Industry: Evidence from Dairy and Pork Sectors with Threshold Cointegration Models

2019 ◽  
Vol 8 (2) ◽  
pp. 66
Author(s):  
Baoubadi Atozou ◽  
Kotchikpa Gabriel Lawin ◽  
Aristide Bonsdaouende Valea ◽  
Sirine Aouini
Keyword(s):  
Value Chain ◽  
Empirical Studies ◽  
Raw Milk ◽  
Retail Price ◽  
Price Transmission ◽  
Causality Test ◽  
Threshold Autoregressive ◽  
Consumer Prices ◽  
Short And Long Term

Empirical studies show that market concentration and pricing policies regulation have an important impact on price transmission. These factors lead to an asymmetric price transmission, particularly in agricultural commodities markets. This paper investigates farm-retail price transmission along the Canadian dairy and pork values chains using Threshold Autoregressive, Momentum Threshold Autoregressive, Error Correction Models and Granger causality test. Using monthly price data, we found that farm-retail price transmission is asymmetric in short and long-term between raw milk and butter price while it is symmetric in the cheese case. In the pork sector, price transmission is asymmetric in long-term and symmetric in short-term between farm price and respectively pork chops and bacon prices. Because of processor and retailer concentration, consumer prices respond more quickly to upward than downward of farm prices. The processors, retailers and distributors concentration along the value chain in Canadian dairy and pork sectors and the supply management regulation policies as well as income stabilization insurance program are the main factors generating this market structure. Consideration of the characteristics of farmers, processors, and retailers in the value chain and the actors’ potential reactions to the agricultural policy could better protect consumers and producers from market distortion.

scholarly journals Asymmetric Price Transmission of Hardwood Lumber Imported by China after Imposition of the Comprehensive Commercial Logging Ban in All Natural Forests

Forests ◽  
2020 ◽  
Vol 11 (2) ◽  
pp. 200 ◽  
Author(s):  
Lihua Yang ◽  
Zhonghua Yin ◽  
Jianbang Gan ◽  
Fang Wang
Keyword(s):  
Price Transmission ◽  
Data Series ◽  
Natural Forests ◽  
Short Term ◽  
Timber Supply ◽  
Hardwood Lumber ◽  
Asymmetric Price Transmission ◽  
Commercial Logging ◽  
Logging Ban

The Comprehensive Commercial Logging Ban in All Natural Forests (CCLB) policy, introduced in April 2015, aims to protect all natural forests in China. It has impacted both China’s domestic timber supply and imports. We investigated price transmission in China’s hardwood lumber imports resulting from the implementation of this policy. We selected three hardwood lumber species, i.e., Sapelli (Entandrophragma), Mandshurica (Fraxinus), and Laurel (Terminalia), and used their daily prices from 30 April 2015 to 30 November 2017. Threshold co-integration and threshold error correction models are employed for this analysis. We identified a structural breakpoint on 30 November 2016, and consequently partitioned the data series into two parts for the two subperiods separated by the breakpoint. The empirical results indicated that there was asymmetric price transmission (APT) for both subperiods. Adjustment of positive price deviations to the long-term equilibrium levels was slower than that of negative price deviations. In the short term, the price of high-quality lumber evolved independently, whereas the price of lower-quality lumber tended to return to the equilibrium. The APT reflects a redistribution of welfare, benefiting the exporters more than the importers. We find that positive discrepancies in each price pair were inclined to be more persistent in the first subperiod than in the second subperiod. This could attribute to the fact that the degree of CCLB intervention in the former one was higher than in the latter one.

scholarly journals Should traders be blamed for soaring food prices in Ethiopia? Evidence from wholesale maize markets

2020 ◽  
Vol 23 (1) ◽  
pp. 19-33
Author(s):  
Mesay Yami ◽  
Ferdi Meyer ◽  
Rashid Hassan
Keyword(s):  
Addis Ababa ◽  
Food Prices ◽  
Price Transmission ◽  
Eastern Africa ◽  
Food Markets ◽  
Market Prices ◽  
Price Increases ◽  
Asymmetric Price Transmission ◽  
Welfare Implications ◽  
Food Commodity

The prevalence of imperfect price transmission in the agricultural food markets continues to be an important policy concern for most countries in Africa. Motivated by the coexistence of soaring food prices and high domestic food production, this article investigates the performance of wholesale white maize markets in Ethiopia during the post-agricultural market liberalization period. The presence of price manipulation in the grain market structure has important welfare implications as it impedes the full transmission of price reductions and increases among marketing intermediaries. Results indicate that regional maize markets adjusted more quickly to price decreases than price increases to the central Addis Ababa wholesale maize market prices, suggesting the absence of positive asymmetric price transmission. Our findings are in contrast with existing studies conducted in southern, western and eastern Africa major food commodity markets.

scholarly journals TRANSMISI HARGA KOPI ARABIKA GAYO DI PROVINSI ACEH

2018 ◽  
Vol 5 (1) ◽  
pp. 39
Author(s):  
Noratun Juliaviani ◽  
Sahara Sahara ◽  
Ratna Winandi
Keyword(s):  
Market Price ◽  
Price Transmission ◽  
Short Term ◽  
Correction Model ◽  
Arabica Coffee ◽  
Asymmetric Price Transmission ◽  
Adjustment Factors ◽  
Transmission Test

<p align="center"><strong><em>ABSTRACT</em></strong></p><em>The objective of this study is to analyze the price transmission of Gayo Arabica coffee from farmers to exporters. This study utilizesECM (error Correction Model) to investigate price transmission based on monthly price data in farmer and exporter level from Januari 2008 until December 2014. The result showed that price transmission test ECM-EG model showed that in short term, the price transmission is assymetric and symetric in long term.The symmetrical price transmission between farmers and exporters in the long term, showed that there was no misuse of market power, Therefore, price changes that occur at the farmer level in the long term were transmitted perfectly towards exporter. Asymmetric price transmission in the short term is commonly caused by cost adjustment factors and marketing agency behaviors in the pricing mechanism and the performance of each level / marketing agencies. Therefore, the need for setting prices of Gayo Arabica coffee, especially at the producers (farmers) level and the government's role in monitoring the price according to the quality of coffee, and inform the development of the market price (the local and the world) to the farmers.</em>

scholarly journals Asymmetry in Price Transmission: Evidence from the Wheat-Flour Supply Chain in Russia

2021 ◽  
Vol 13 (3) ◽  
pp. 67-75
Author(s):  
Sergei Kharin ◽  
Keyword(s):  
Supply Chain ◽  
Imperfect Competition ◽  
Price Volatility ◽  
Price Transmission ◽  
Correction Model ◽  
Vector Error Correction ◽  
Vector Error ◽  
Asymmetric Price Transmission ◽  
Wheat Market

Price volatility has serious implications for economic welfare of various agents in the grain supply chain. The paper examines asymmetric price transmission along the wheat producer-processor supply chain in Russia using log-transformed monthly prices during the period of 2000-2019. Having specified linear asymmetric vector error correction model, we exposed the long-term cumulative asymmetry in price transmission, however, the hypothesis of short-term symmetry presence failed to reject. The analysis revealed dominant position for wheat producers and wholesalers over the wheat processors. Imperfect competition and their resulting market power, as well as the existence of a huge number of illegal processors are the main causes for asymmetric price transmission on the Russian wheat market.

Impact of increasing agricultural domestic support on China’s food prices considering incomplete international agricultural price transmission

2017 ◽  
Vol 9 (4) ◽  
pp. 535-557
Author(s):  
Fan Yang ◽  
Kirsten Urban ◽  
Martina Brockmeier ◽  
Eddy Bekkers ◽  
Joseph Francois
Keyword(s):  
Policy Instruments ◽  
Trade Deficit ◽  
World Trade Organisation ◽  
Food Prices ◽  
Price Transmission ◽  
Content Type ◽  
Food Market ◽  
Domestic Support ◽  
The Impact

Purpose The purpose of this paper is to develop a modelling approach that enables the analysis of long-term food security policies. Specifically, the authors explore the effect of China’s agricultural domestic support on its agricultural and food market by also considering the impact of incomplete price transmission. Design/methodology/approach The authors extend the standard Global Trade Analysis Project (GTAP) modelling framework. First, the authors incorporate incomplete price transmission into the GTAP model by generating tariff-equivalent price transmission elasticities. Second, the authors improve the current representation of China’s agricultural domestic support in the GTAP model and the underlying database by considering the production requirements and the trade-distorting effect of different policy instruments. Running a set of simulations, the authors examine first how the incorporation of incomplete price transmission affects the model’s results and second how increased agricultural domestic support affects China’s agricultural and food market accounting for incomplete price transmission. Findings Considering incomplete price transmission mitigates the domestic price increases as responses to high international agricultural prices, which also lead to an increase in China’s trade deficit and prohibits net food sellers from receiving high prices. In the long term, an increase in China’s agricultural domestic support to its World Trade Organisation de minimis commitment level would increase domestic agricultural production and reduce its demand pressure on the international market. Originality/value This paper contributes to the literature by examining the impact of increased agricultural domestic support on the domestic market while innovatively accounting for incomplete food price transmission. The authors combine econometric estimated price transmission elasticities and an extended GTAP framework to underscore the importance of enhancing the model’s ability in accounting for incomplete price transmission when analysing the impact of agricultural policies.

Short- and Long-Term Results of Total vs Subtotal Thyroid- ectomies in the Surgical Treatment of Graves' Disease

Swiss Surgery ◽  
2001 ◽  
Vol 7 (1) ◽  
pp. 20-24 ◽  
Author(s):  
Robert ◽  
Mariéthoz ◽  
Pache ◽  
Bertin ◽  
Caulfield ◽  
...  
Keyword(s):  
Recurrent Laryngeal Nerve ◽  
Nerve Palsy ◽  
Recurrent Laryngeal Nerve Palsy ◽  
Laryngeal Nerve ◽  
Long Term Results ◽  
Graves Disease ◽  
Laryngeal Nerve Palsy ◽  
Short And Long Term

Objective: Approximately one out of five patients with Graves' disease (GD) undergoes a thyroidectomy after a mean period of 18 months of medical treatment. This retrospective and non-randomized study from a teaching hospital compares short- and long-term results of total (TT) and subtotal thyroidectomies (ST) for this disease. Methods: From 1987 to 1997, 94 patients were operated for GD. Thirty-three patients underwent a TT (mostly since 1993) and 61 a ST (keeping 4 to 8 grams of thyroid tissue - mean 6 g). All patients had received propylthiouracil and/or neo-mercazole and were in a euthyroid state at the time of surgery; they also took potassium iodide (lugol) for ten days before surgery. Results: There were no deaths. Transient hypocalcemia (< 3 months) occurred in 32 patients (15 TT and 17 ST) and persistent hypocalcemia in 8 having had TT. Two patients developed transient recurrent laryngeal nerve palsy after ST (< 3 months). After a median follow-up period of seven years (1-15) with five patients lost to follow-up, 41 patients having had a ST are in a hypothyroid state (73%), thirteen are euthyroid (23%), and two suffered recurrent hyperthyroidism, requiring completion of thyroidectomy. All 33 patients having had TT - with follow-ups averaging two years (0.5-8) - are receiving thyroxin substitution. Conclusions: There were no instances of persistent recurrent laryngeal nerve palsy in either group, but persistent hypoparathyroidism occurred more frequently after TT. Long after ST, hypothyroidism developed in nearly three of four cases, whereas euthyroidy was maintained in only one-fourth; recurrent hyperthyroidy was rare.

Short- and long-term memory tasks predict working memory performance, and vice versa.

2019 ◽  
Vol 73 (2) ◽  
pp. 79-93 ◽  
Author(s):  
Ian Neath ◽  
Jean Saint-Aubin ◽  
Tamra J. Bireta ◽  
Andrew J. Gabel ◽  
Chelsea G. Hudson ◽  
...  
Keyword(s):  
Working Memory ◽  
Memory Performance ◽  
Long Term Memory ◽  
Term Memory ◽  
Short And Long Term
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