dc.contributor.author |
Thompson, Stanley |
en |
dc.contributor.author |
Sul, Donggyu |
en |
dc.contributor.author |
Bohl, Martin |
en |
dc.date.accessioned |
2006-11-30T20:53:35Z |
en |
dc.date.available |
2006-11-30T20:53:35Z |
en |
dc.date.issued |
2002 |
en |
dc.identifier.citation |
Department of Economics Working Paper Series 240 |
en |
dc.identifier.uri |
http://hdl.handle.net/2292/183 |
en |
dc.description |
Now published as a Journal Article in American Journal of Agricultural Economics
Volume 84 Issue 4 Page 1042 - November 2002
doi:10.1111/1467-8276.00366 |
en |
dc.description.abstract |
We investigate the degree to which the wheat markets of France, Germany and the United Kingdom are in spatial equilibrium and how
reforms to the CAP affect the speed of convergence to the long-run relationship. Due to the interrelationship among these markets and
the nonstationarity of our data we introduce a seemingly unrelated regression augmented Dickey-Fuller and error correction methodology.
We argue this methodology is more efficient than ordinary cointegration and error correction models. Empirically we find strong
evidence of efficient spatial markets and conformity to the law of one price. Market liberalization reforms in the EU increased the
comovement of domestic and world wheat prices; our post-Uruguay Round price transmission elasticity was 0.183. |
en |
dc.format.extent |
application/pdf |
en |
dc.format.mimetype |
text |
en |
dc.language.iso |
en |
en |
dc.publisher |
Department of Economics, University of Auckland |
en |
dc.relation.ispartofseries |
Department of Economics Working Paper Series (1997-2006) |
en |
dc.rights |
Items in ResearchSpace are protected by copyright, with all rights reserved, unless otherwise indicated. Previously published items are made available in accordance with the copyright policy of the publisher. |
en |
dc.rights.uri |
https://researchspace.auckland.ac.nz/docs/uoa-docs/rights.htm |
en |
dc.subject.other |
error correction model |
en |
dc.subject.other |
Economics |
en |
dc.title |
Spatial Market Efficiency and Policy Regime Change: Seemingly Unrelated Error Correction Model Estimation |
en |
dc.type |
Working Paper |
en |
dc.identifier.doi |
10.1111/1467-8276.00366 |
en |
dc.rights.holder |
Copyright: the author |
en |
dc.rights.accessrights |
http://purl.org/eprint/accessRights/OpenAccess |
en |
pubs.org-id |
Economics |
en |