The objective of this work is to investigate vertical price transmission in the US beef sector. To this end, it employs the Nonlinear ARDL model which allows prices to be tied by asymmetric relationships both in the long-as well as in the short-run. The empirical results indicate the presence of asymmetry in magnitude for the pair of markets farmwholesale and the presence of both asymmetry in speed and asymmetry in magnitude for the pair of markets wholesale-retail. The difference between the long-run elasticities of price transmission is more important from the wholesale to retail level than from the farm to the wholesale level.

The objective of this article is to assess the integration of the international skim milk powder (SMP) market. This is pursued using monthly data over 2001 to 2014 from the three principal SMP-producing regions (the EU, the USA and Oceania) and nonparametric kernel-based and time-varying copulas. The empirical results point to a strong and an increasing degree of overall price co-movement and to statistically significant probabilities for joint price crashes and booms. While the EU and Oceania have been the regions with the highest degree of integration, the USA has been catching up with them.

This article investigates the strength and the pattern of spatial price linkages in skimmed milk powder markets using monthly wholesale price data from three major producers and exporters (the USA, the EU, and Oceania) and the Nonlinear Autoregressive Distributed Lag Model. The results suggest that prices in the three regions considered are linked with stable long-run relationships. The Law of One Price, however, does not hold. The dominant pattern of transmission in the long-run is asymmetric involving positive price stocks to be transmitted with higher intensity compared to negative prices shocks; asymmetries in price transmission exist in the short-run as well.

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