An econometric analysis of the effects of market liberalization on price dynamics and price volatility

被引：5
|
作者：
Chavas, JP [1 ]
Kim, K
机构：
[1] Univ Wisconsin, Dept Agr & Appl Econ, Madison, WI 53706 USA
[2] Seoul Natl Univ, Dept Agr Econ & Rural Dev, Seoul, South Korea
来源：
EMPIRICAL ECONOMICS | 2006年 / 31卷 / 01期
关键词：
price dynamics; censored regression; market liberalization; price volatility;
D O I：
10.1007/s00181-005-0015-8
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The paper investigates price dynamics under market liberalization, with a focus on the effects of lowering price floors. We analyze price dynamics by specifying and estimating a dynamic Tobit model under time-varying volatility, where the market price is censored by a government-set support price. The model is applied to the U.S. butter market over the last three decades. The econometric results show how the price support program affects both expected prices and the volatility of prices. It is found that the censoring effects of a price support program can be significant and large even if the price support is set relatively low.
引用
收藏
页码：65 / 82
页数：18
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