Evaluating price transmission between global agricultural markets and consumer food price indices in the European Union
使用误差修正模型研究全球农产品价格变动如何以及多快传导至欧盟成员国的消费者食品价格，发现超过半数成员国存在长期关系，且欧元区创始国传导弹性较低。
Abstract This paper uses error correction models to evaluate the extent to and speed at which world agricultural commodity price movements affect consumer food prices in the European Union member states. We consider three types of world commodity price indices, each containing different commodities and weighting criteria. Results reveal a long‐run relationship between world agricultural commodity and consumer food prices in over half of the member states. Consumer prices in different member states and categories of member states respond differently to specific world price indices, suggesting that there are disparities in the structure and the efficiency of their food markets. The eurozone founders generally have lower transmission elasticities. This should be taken into account when predicting the impacts of extreme world price volatility and consumer food price rises, prompting governments to pay attention to the most vulnerable households.