Price Cycles and Asymmetric Price Transmission in the U.S. Pork Market
用频谱回归方法分析美国猪肉批发价与零售价、农场价之间的传导非对称性，发现低频周期中批发价向零售价的传导不对称，不支持高频解释。
Abstract Economists have proposed several plausible explanations for observed price transmission asymmetries in commodity markets. Unfortunately, the econometric methods commonly used in such studies cannot empirically distinguish pricing behavior under the competing theories. We argue that the theories may be classified by firm responses to high‐ and low‐frequency price cycles and use Engle's band spectrum regression to test the symmetry of high‐ and low‐frequency cycles in weekly pork prices. The findings indicate that changes in wholesale prices are asymmetrically transmitted to retail prices in relatively low‐frequency cycles, which does not support search costs and other high‐frequency explanations. Conversely, wholesale pork prices asymmetrically adjust to changes in farm prices at all frequencies.