Cost Pass‐Through in Commodity Markets With Capacity Constraints and International Linkages
研究了区域成本冲击如何传导至全球交易的能源密集型大宗商品价格，发现短期产能约束会削弱成本传导，以氨市场为例验证了产能约束和国际市场关联的重要性。
ABSTRACT We examine how regional cost shocks are passed through into the prices of globally traded energy‐intensive commodities. We find that the pass‐through of local costs is influenced by production capacity in the short run. When capacity constraints become binding, the pass‐through of cost shocks to the constrained region diminishes to zero. Our application to the market for ammonia, a commodity largely produced from natural gas, demonstrates the significance of capacity constraints and international market linkages for empirical pass‐through models.