Spatial Price Adjustment with and without Trade*
研究了有物理贸易流和无物理贸易流期间，空间分离市场间价格传导的差异，发现无贸易时价格调整更大更快，凸显信息流对市场绩效的重要性。
Abstract We investigate the possibility that price transmission between spatially distinct markets might vary during periods with and without physical trade flows. We test for differences between trade and non‐trade regimes by using generalized reduced rank regression (GRRR) techniques suggested by Hansen (2003) . We apply these techniques to semi‐weekly price and trade flow data for tomato markets in Zimbabwe and find that intermarket price adjustment occurs in both trade and non‐trade periods. Indeed, the adjustments are generally larger and more rapid in periods without physical trade flows. This finding underscores the importance of information flow for market performance.