Nonlinearities in the U.S. corn-ethanol-oil-gasoline price system
使用平滑转换向量误差修正模型分析1990-2008年美国乙醇、玉米、石油和汽油价格的月度数据,发现这些价格之间存在长期均衡关系,且能源与食品价格紧密相连。
We use a smooth transition vector error correction model to assess price relationships within the U.S. ethanol industry. Monthly ethanol, corn, oil, and gasoline prices from 1990 to 2008 are used in the analysis. Results indicate the existence of long-run relationships among the prices analyzed. Strong links between energy and food prices are identified.