Energy-milk price transmission at the product brand level
Energy-milk price transmission at the product brand level
复制标题
产品品牌层面的能量奶价格传导
DOI：
10.1111/agec.12416
复制
发表时间：
2018
影响因子：
4.1
通讯作者：
Yang Shuai
中科院分区：
文献类型：
--
作者：
Li Xun;Lopez Rigoberto;Yang Shuai
本文估计了产品品牌层面柴油和零售牛奶价格之间的传递率。使用随机系数logit需求模型，并考虑能源价格的直接和间接影响，本研究确定了2008年大衰退前后的传递率变化。实证结果表明，柴油价格显著影响了乳制品零售价格，是食品价格上涨的重要决定因素。通过率估计在0.16至0.60之间，整个期间的平均值为0.22。统计检验表明，2008年6月之前的通过率显著高于2008年6月之后，当时它们显著降至0.04至0.17。有趣的是，自有品牌的通过率最低，这意味着与制造商品牌相比，自有品牌的价格更不受柴油价格冲击的影响。
This article estimates the pass‐through rates between diesel fuel and retail milk prices at the product brand level. Using a random coefficient logit demand model and taking the direct and indirect impacts of energy prices, this research identifies changes in pass‐through rates before and after the great recession in 2008. Empirical results show that diesel prices significantly impacted the retail prices of milk products and are an important determinant of food price inflation. Pass‐through rates are estimated to range from 0.16 to approximately 0.60 through 2008 with an average of 0.22 for the whole period. Statistical tests indicate that pass‐through rates before June 2008 were significantly higher than after June 2008 when they dropped significantly to 0.04 to 0.17. Interestingly, private label brands have the lowest pass‐through rates, implying that compared to manufacturer brands, private label prices are more insulated from diesel price shocks.