Asymmetric price transmission in the Spanish lamb sector
使用三区制阈值自回归模型，研究西班牙羊肉产业中农场与零售价格的非线性调整，发现长期传导完美，短期存在非对称性且零售商从供需冲击中获益。
This article investigates the non-linear adjustment between farm and retail prices in the lamb sector in Spain, using a three-regime Threshold Autoregressive Model. The results indicate that, in the long run, price transmission is perfect and any supply or demand shocks are fully transmitted along the marketing chain. In the short run, price adjustments between the farm and the retail levels are asymmetric and reveal a demand-pull transmission mechanism. On the other hand, retailers benefit from any shock, whether positive or negative, that affects supply or demand conditions.