Investigating the Price Transmission Mechanism of the Greek Fresh Tomato Market with a Markov Switching Vector Error Correction model
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The present study investigates the price transmission mechanism between producer and
consumer prices in the Greek fresh tomato market, using monthly price data from January
1995 to May 2011. The estimation is carried out by applying a Markov Switching
Vector Error Correction model. The results indicate that there are causality and leadership
relationships between producer and consumer prices in the short and in the long
run. Finally, a multinomial logit model is utilized in order to determine the factors that
affect the switching of the price transmission mechanism.