Fundamental changes in price relationships: An investigation of the UK feed grain market, 1971/72 to 1978/79, using spectral analysis
研究了1973年英国加入欧共体后，饲料谷物市场价格关系因政策从差额补贴转为市场干预而发生的根本变化，利用因果检验和谱分析对比预期与实际市场行为。
Entry to the European Economic Community in 1973 brought about fundamen-tal changes in the policy instruments applied to the United Kingdom's cereal sec-tor. Prior to entry, grain prices were largely determined by the price of imported cereals, and farmers ' revenue was protected by a system of Deficiency Payments. Once in the EC, the UK market was supported by market intervention, with the price of imports raised by a variable import levy. This period of change provided a unique opportunity to examine a commodity market undergoing a fundamental change in terms of institutional management and price behaviour. The investi-gation proceeds by first suggesting several anticipated developments in the period 1973-1979. The observed behaviour of the markets is then investigated using causality tests and spectral analysis. The expected behaviour is compared with the results, and conclusions are drawn about the effects of the institutional management of the market. 1.