Horizontal Price Transmission in Agricultural Markets: Fundamental Concepts and Open Empirical Issues
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Following the dramatic changes experienced by the prices of agricultural
commodities in 2007-2008, the analysis of horizontal price transmission mechanisms
in agricultural markets has attracted renewed interest. In particular, this has led to the
emergence of new challenges for the empirical analysis. How to model the increasing
volatility and non linear behaviour of prices, to assess the impact of the policy
responses to market turbulence, and how to account for the increasing interconnections
between agricultural and non-agricultural commodity markets are amongst the
most investigated issues. Building on a common analytical framework, this paper discusses
and reviews the most recent methodological developments and empirical contributions
in the field.