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This article estimates the pass‐through of different shocks into different U.S. prices that are important for policy makers. The investigation is based on a structural vector autoregression model, where quarterly data are used. The empirical results depict oil price pass‐through, exchange rate pass‐through, import‐price pass‐through, and producer price pass‐through into import prices, producer prices, and consumer prices for the U.S. economy. Policy implications suggest that achieving and sustaining consumer price stability highly depend on monitoring the developments in oil prices, followed by import prices and producer prices. [ABSTRACT FROM AUTHOR]

Following global trade agreements, Asian countries have been highly aggressive in implementing free trade. These conditions will impact all sectors, including agriculture. This study aims to examine the impact of the General Agreement on Tariffs and Trade (GATT), World Trade Organization membership (WTO), and the Doha Round implementations on agricultural producer prices in Asian countries (PPI). The study was conducted using secondary data from 1991 to 2020. The data for 28 Asian countries were analyzed using the first difference General Method of Moments (GMM). The results show that implementing the GATT raises the PPI, but implementing the WTO has the reverse impact. PPI is unaffected by the Doha Round. Inflation, exchange rate, value-added, human capital, and land area equipped for irrigation are all positive contributors to PPI. Several recommendations are made to increase PPI in Asian countries: increasing commitment to agricultural fair trade, increasing agricultural value-added, improving educational opportunities for agricultural business players, and prioritizing agricultural infrastructure investment.

This paper examines a linkage between consumer and producer prices within European countries. The research sample in this paper includes 23 European countries and monthly data between February 2000 and March 2023 for the harmonized index of consumer prices (HICP) and producer prices index (PPI). Using a wavelet coherence approach country country-specific linkage was provided for each of the considered countries. Empirical findings suggested diverse relationships. However, the most frequently observed linkage is the one with producer prices as leading and consumer prices as lagging variables and a positive correlation between the two. Furthermore, the relation is more prominent at higher scales or lower frequencies. Conclusively, monetary policy needs to monitor producer prices while targeting inflation rates. [ABSTRACT FROM AUTHOR]

Armenia imports all of its vegetable oil for domestic consumption, consisting mainly of sunflower oil imported almost entirely from Russia. Thus, the price in Armenia is formed based on the purchasing price, transportation costs, and margin. But the price movements in the Armenian retail market are not always consistent with the international markets, which rises the need for a comprehensive micro and macro-level analysis. In this article, the authors analyze the price value chains on micro-level data and reveal factors determining retail market price with econometric models. The analysis showed, that the key determinants are the international price of vegetable oil, USD/AMD exchange rate, and domestic inflationary factors. The article argues that the movements of the Armenian vegetable oil market are not always consistent with the changes in these factors: the market overreacts with increased margins during turbulent periods. This pattern was confirmed both in 2021 and 2022 when despite the divergence of Russian and international prices and the relative stability of the Armenian market, the analysis showed increased markups. [ABSTRACT FROM AUTHOR]

Armenia imports all of its vegetable oil for domestic consumption, consisting mainly of sunflower oil imported almost entirely from Russia. Thus, the price in Armenia is formed based on the purchasing price, transportation costs, and margin. But the price movements in the Armenian retail market are not always consistent with the international markets, which rises the need for a comprehensive micro and macro-level analysis. In this article, the authors analyze the price value chains on micro-level data and reveal factors determining retail market price with econometric models. The analysis showed, that the key determinants are the international price of vegetable oil, USD/AMD exchange rate, and domestic inflationary factors. The article argues that the movements of the Armenian vegetable oil market are not always consistent with the changes in these factors: the market overreacts with increased margins during turbulent periods. This pattern was confirmed both in 2021 and 2022 when despite the divergence of Russian and international prices and the relative stability of the Armenian market, the analysis showed increased markups.

Copyright of Journal of Economic Policy Researches / İktisat Politikası Araştırmaları Dergisi is the property of Journal of Economic Policy Researches / Iktisat Politikasi Arastirmalari Dergisi and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The aim of the study was to identify the factors which significantly influence the purchase prices of blackcurrants in Poland. The average annual purchase prices of blackcurrants between 2004 and 2021 were the research material. The study was based on the data published by the Institute of Agricultural and Food Economics – National Research Institute in the semi-annual journal “Fruit and Vegetable Market”. The relationship between the fruit purchase prices and the selected explanatory variables was analysed with the multiple regression method. Single-equation econometric models were designated as multi-factor functions. The reference publications were used as the basis for the selection of the following set of potential variables explaining the purchase prices of blackcurrants: the area of blackcurrant plantations in Poland, the yields of blackcurrants in Poland, the yields of blackcurrants in Ukraine, the yields of blackcurrants in Germany (the main importer of frozen products and a producer of currants), the volume of frozen blackcurrant exports and the export price of frozen blackcurrants. Apart from that, the qualitative variable COVID-19 was created, which allowed for the greater demand for blackcurrant preserves during the pandemic. In order to determine the factors which significantly influenced the purchase prices of blackcurrants during the period under analysis, the all possible regression method, also known as the best subsets regression, available in the Statistica PL package, was applied. This was a model with two explanatory variables: the export price of frozen blackcurrants and COVID-19. The linear determination coefficient of the estimated econometric model indicated that 90% of the variance of blackcurrant purchase prices was explained by the model.

Copyright of Hacettepe University Journal of Economics & Administrative Sciences / Hacettepe Üniversitesi Iktisadi ve Idari Bilimler Fakültesi Dergisi is the property of Hacettepe University, Faculty of Economic & Administrative Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Journal of Economic Policy Researches / İktisat Politikası Araştırmaları Dergisi is the property of Journal of Economic Policy Researches / Iktisat Politikasi Arastirmalari Dergisi and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Annals of the Polish Association of Agricultural & Agribusiness Economists is the property of Polish Association of Agricultural & Agribusiness Economists and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The purpose of this article is to examine the pass-through of exchange rate fluctuations on the domestic price level in Turkey. To this effect, the interaction between exchange rate fluctuations, producer price index, and the consumer price index was analyzed using the SVAR model. The degree of exchange rate passthrough was examined with the help of cumulative ERPT elasticities based on impulse response functions. Besides, the monetary policy interest rate variable is also included in the model to make inferences about the CBRT's policy stance against the exchange rate and price fluctuations. Study findings reveal that exchange rate pass-through is incomplete in Turkey, however, there is a high degree of pass-through of exchange rate fluctuations to producer prices than there is to consumer prices. Study results also point that the CBRT's policy interest rate is not an important determinant of the exchange rate and price levels. However, Central bank policies with stable and reliable commitments are recommended. [ABSTRACT FROM AUTHOR]

South African sheep farmers receive different prices for animals of different age, carcass form and fat level. Older animals trade at a substantive discount to the younger animals due to the perceived tenderness and juiciness of the younger animal. There is however a question whether the size of the discount is warranted given that certain cuts from older animals are preferred by consumers for specific purposes. This paper applies an experimental auction combined with sensory tests to establish the consumers' willingness to pay for sheep meat products from carcasses with different age categories. In this way the paper endeavours to test whether the price differentiation in the mind of the consumer (through its perceived intrinsic value) corresponds with the price differentiation at the abattoir level. Consumers' sensory assessment results and average bid prices via the experimental auction indicated a difference in preference towards the three age classes for the stew meat, loin, and leg cuts respectively. The results validate previous results with trained panels and confirm the specific consumer preferences for specific cuts of different age categories. It was also found that the difference in the bids for different age categories was far smaller than the difference in abattoir prices for the different age categories. [ABSTRACT FROM AUTHOR]

We introduce business-to-business (B2B) relationships into an otherwise standard model to revisit two aspects of price dynamics in a unified analysis. On one side, the pass-through of cost shocks to prices is empirically incomplete. On the other side, the literature contains conjectures that long-term relationships may reduce the allocative role of price changes. After a partial equilibrium analysis of these aspects, we consider the general equilibrium effects. The formation of B2B relationships implies that the trade of intermediate goods depends on search, bargaining, and the adjustment along the intensive margin as opposed to the extensive margin. We find that, when this adjustment is costly, retailers have a relatively high bargaining power, and mismatch shocks are possible, the model can account for the second moments of the US producer price index and other variables. In this case, although its allocative role is low, the intermediate goods price affects the allocation of goods through the search externalities and is sufficiently volatile. The analysis includes several sensitivity tests and comparisons. [ABSTRACT FROM AUTHOR]

This paper analyses the commodity price pass-through along the pricing chain for the global commodity price index and the indices of its main categories (i.e., agricultural raw materials, food and beverages, energy and metals) in the world, advanced and emerging economies. To do so, the study considers country-by-country vector autoregression models and pool the results by taking weighted means for 18 advanced economies and 19 emerging countries, as well as for the world (defined as the sum of advanced and emerging economies). The results show the following: (i) there is evidence in favour of partial pass-through from commodity prices to producer prices, although the evidence for the pass-through to consumer prices is less evident; (ii) the pass-through in the world seems to be led by both advanced and emerging countries for producer prices and only by advanced economies for consumer prices; (iii) higher prices in the four categories (agricultural raw materials only in the short-run) induce significant higher producer prices in almost all cases, with shocks in the prices of energy and metals showing the largest effects; and (iv) energy prices explain the highest variability of producer and consumer prices. [ABSTRACT FROM AUTHOR]

The paper sets up a calculation of the effective exchange rate for Slovenia andcompares it to the methodologies used by the IMF, BIS, European Commission and ECB. Additionally,we construct smaller regional effective exchange rates that help to explain the robustness of the Slovene export sector, especially in the cooling-off periodof the global economy in recent years. The results show that some of the calculation methodologies can overshoot less favourable competitiveness dynamics. It is important to consider these results as different methodologies could draw different policy conclusions for the competitiveness stance of the Slovene economy.

This study aims to acknowledge and find empirical evidence of the effect of food crop production on gross domestic product and producer prices on cost insurance, freight, imports and free on board. The data analysis method used in this research is Partial Least Square (PLS) analysis. The results of this study indicate that the production of food crops has no positive effect on cost insurance and freight imports. Gross domestic product does not have a positive and significant effect on import freight insurance costs. Producer prices do not have a positive and significant effect on import freight insurance costs. Food crop production has a positive and significant effect on free on board. Gross domestic product has no and significant effect on free on board. The producer price has a positive and significant effect on free on board. Import cost insurance and freight does not have a positive and significant effect on free on board. Production of food crops is not significant to free on board through import freight insurance costs. Gross domestic product is not significant to free on board through import freight insurance costs. Producer prices are not significant to free on board through import freight cost insurance.

We draw on trade theory to empirically explore the effects of value chain integration on producer price dynamics. Using the EU as an example of an integrated area, we construct measures of backward and forward linkages with intra‐ and extra‐EU trading partners at the country‐sector level. We find that especially upstream integration and EU accession dampen inflation. The results for downstream integration indicate a price‐increasing relationship. We propose novel EU integration indicators and offer insights to both theory and applied research. We also add to the policy debate on the price effects of (dis‐)integration of EU countries. [ABSTRACT FROM AUTHOR]

We show that higher foreign-currency indebtedness raises the degree of exchange rate pass-through to domestic producer prices. For identification, we use micro-level data from Turkey, an emerging market economy that has experienced large exchange rate movements over the last decade. Matching the Credit Register of Turkey with disaggregated manufacturing sector data on domestic prices and foreign-currency revenues from international trade, we show that sectors with higher ex-ante net foreign-currency liabilities raise their prices significantly more following domestic currency depreciation. The results are stronger if foreign-currency liabilities are short term. [ABSTRACT FROM AUTHOR]

The aim of the study was to assess the level and volatility of prices of blueberry obtained in the farm(in wholesale on the domestic market and in export) and on the wholesale market during 2007-2016, dueto choice of distribution channel. The level, direction and intensification of price changes were analyzed.The study shows that the prices of blueberry at the producer level were characterized by greater volatilitythan the wholesale market. Prices obtained by the producers on wholesale on the domestic market weresignificantly lower than in exports and in the wholesale market, on average in the analyzed period accountedfor only 69% of the export price and 52% of the wholesale market price. Regardless of where the pricecomes from,the highest price for fruits was obtained in September, and the lowest in August, which is themonth of the largest supply of fruits on the market.

Following global trade agreements, Asian countries have been highly aggressive in implementing free trade. These conditions will impact all sectors, including agriculture. This study aims to examine the impact of the General Agreement on Tariffs and Trade (GATT), World Trade Organization membership (WTO), and the Doha Round implementations on agricultural producer prices in Asian countries (PPI). The study was conducted using secondary data from 1991 to 2020. The data for 28 Asian countries were analyzed using the first difference General Method of Moments (GMM). The results show that implementing the GATT raises the PPI, but implementing the WTO has the reverse impact. PPI is unaffected by the Doha Round. Inflation, exchange rate, value-added, human capital, and land area equipped for irrigation are all positive contributors to PPI. Several recommendations are made to increase PPI in Asian countries: increasing commitment to agricultural fair trade, increasing agricultural value-added, improving educational opportunities for agricultural business players, and prioritizing agricultural infrastructure investment., Competing Interests: The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper., (© 2024 The Authors. Published by Elsevier Ltd.)

A country's price competitiveness is generally proxied by the real effective exchange rate of its currency. In this article we present a novel three-market breakdown (domestic, euro-area and non-euro area markets) of this measure, with an application to the four main euro-area countries. Price-competitiveness developments are indeed found to be heterogeneous across markets, thereby confirming the usefulness of this decomposition. In particular, we find that in the 1999–2018 period only Germany recorded comparable (large) gains in both euro and non-euro area markets. France posted a larger gain, and Spain marked a smaller loss, in euro-area markets; conversely, Italy's mild improvement was greater in non-euro area markets. Finally, competitiveness in the domestic market and that in non-euro area markets are found to be the main, equally important, drivers of overall developments since 1999 in Italy and in Germany. [ABSTRACT FROM AUTHOR]

One of the greatest challenges of the twenty-first century is to ensure that the world population has reliable access to adequate, affordable and nutritious food sufficient to avoid hunger. Agricultural trade liberalization is often considered a central element of economic strategies aiming at improving food security in developing countries. Many, however, argue that most developing countries may not benefit from freer agricultural trade and that liberalization may accentuate food insecurity. From an empirical perspective, little is known about the effects of trade on food security in developing countries. We estimated the effects of food trade openness on extreme hunger in developing countries using a novel two-step approach. First, we estimated the reverse causal impacts of hunger on food trade openness using rainfall anomalies as instrumental variables to generate exogenous variation in hunger. In a second step, we estimated the effect of food trade openness on hunger using the residual food trade openness that is not driven by hunger as an instrument. We found that a 10% increase in food trade openness would increase the prevalence of undernourishment by about 6%. We also found evidence that developing countries reduce food trade openness as a response to increased hunger, suggesting protectionist policies. A percentage point increase in undernourishment prevalence would decrease food trade openness by 0.9%. Our results suggest that countries may be better off adopting food self-sufficiency for some time, despite such actions clashing with World Trade Organization's regulations and current agenda. [ABSTRACT FROM AUTHOR]

Besides theoretical considerations of price fairness, the article compares food prices—fairtrade and conventional. The first stage comparison of fairtrade and conventional producer prices reveals that fairtrade producer prices are twice as high as the conventionally traded equivalent. On the second stage, prices are compared on producer and consumer level for three products. The analysis predicts a massive price markup in retail. Sometimes fairtrade retail prices are higher than retail prices for their conventional counterparts, even though price differences have not been all that great for producers. This may be justified by a lower trading volume of the niche market, implicitly entailing higher costs. [ABSTRACT FROM AUTHOR]

Highlights • Choice of marketing channels varies by farmer and location characteristics. • Poor transport and communication networks restrict farmers' market access. • Lack of infrastructure and information lead to rent seeking by informal buyers. • Most farmers particularly smallholders get lower than government mandated price. Abstract This paper assesses the effect of transportation and communication networks on farmers' choice of market channels for paddy and wheat, and subsequently on the prices they receive from these channels. It is found that smallholder farmers sell more to informal channels i.e. local traders and input dealers, and typically receive lower prices from them compared to the government-set minimum support prices (MSP). The prices realized from the sales in regulated markets are also less than the MSP despite these being claimed to be more transparent in price discovery. Econometric results show that farmers' access to transportation and information enables them to obtain better price terms from informal as well as formal channels. The effect of information is relatively stronger, implying that farmers' access to transportation itself is not sufficient but is effective when combined with provision of market information. Further, our proposition is that despite a positive impact of the improved market access on price realization from informal traders, farmer-trader relations are unlikely to undergo a meaningful change because of the tied transactions involving inputs, credit and outputs. [ABSTRACT FROM AUTHOR]

Copyright of Mexican Journal of Economics & Finance / Revista Mexicana de Economia y Finanzas is the property of Instituto Mexicano de Ejecutivos de Finanzas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Economic data collection from commodities producers in the United States typically consists of revenues and quantities. While the data collected in some sectors such as fisheries are a census of the population, features of the population such as prices, must be calculated. Unit values are widely used as a price measure to impose a single price in place of dispersed ratios of revenue to quantity from individual producers but alternatives exist. In this paper, different linear aggregation procedures are used to calculate price measures, such as ratio-based calculations (e.g., ratio-of-means, mean-of-ratios), or estimation by ordinary least squares. There are non-trivial differences in the prices calculated depending on the procedure. This paper proposes a unified framework, including Bayesian estimation, for considering the tradeoffs inherent in the different methods commonly employed. [ABSTRACT FROM AUTHOR]

The aim of this article is to analyse the inflation persistence phenomenon in the theory of economics and in Croatian economy. In the economic literature there are only few studies on the phenomenon of inflation persistence in Croatia. That is why we try to fill the gap in this area by analysing the phenomenon of inflation persistence in the Croatian economy, with particular emphasis of this phenomenon for different groups of goods and services. In this article we use a research method based on literature studies in the field of macroeconomics and international finance and econometric methods (Bayesian Vector Autoregression Model [BVAR]). All statistical data used in this article were monthly data and covered the period from January 2005 to December 2013 (108 months) and their source was United Nations Economic Commission for Europe (UNECE) Statistical Division Database. It provides detailed statistical information on countries in Europe, North America and Central Asia. The calculated inflation persistence coefficient in Croatia stood at 0.88 in the period 2005–2013, which apparently confirmed the occurrence of high inflation persistence in this economy. High inflation persistence means a slow return of inflation to its long-run value after a shock. A high degree of inflation persistence should be a signal for the economic authorities of a country to initiate indispensable institutional and labour market reforms which usually increase flexibility of domestic economy and lead to a reduced degree of inflation persistence. [ABSTRACT FROM PUBLISHER]

Copyright of Sakarya Journal of Economics / Sakarya Iktisat Dergisi is the property of Sakarya Journal of Economics / Sakarya Iktisat Dergisi and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The issue of price disparities in the EU commodity markets has given rise to a fair amount of empirical and theoretical research. Price convergence studies were generally on the aggregate level, and investigated the convergence of inflation among countries. This study aims to investigate the convergence of agricultural price disparities among the EU member states, based on different individual agricultural products. The analysis shows the existence of agricultural price convergence among the EU member states since 1991, even including some countries were not members of the EU. Furthermore, the speed of convergence differs among agricultural products and also between the sub-periods as 1991-2000 and 2000-2008.

The paper examines development of Czech agriculture through profitability of the 10 chosen most important commodities (wheat, barley, rapeseed, sugar beet, potatoes, dairy cows - milk, cattle fattening, suckler cows, pigs fattening, poultry - fattening broilers) in the time horizon 2002-2006. The aim of the paper is to give an objective information about the influence of agrarian policy on the development of agricultural commodities, especially with reference to the comparison of changes in the pre-accession (period I = 2002-2003) and in the after-accession of the CR to the EU (period II = 2004-2006). This deals with the economic position of Czech producers related to the most considerable commodities of Czech agriculture through 2 indicators, profitability without supports (R-S) and profitability with supports (R+S). There was proved that profitability R+S in the period I was positive for most plant commodities while it was negative for most animal commodities. In connection with the membership of the CR in the EU, agricultural supports significantly increased for nearly all commodities as the consequence of applying the Common Agricultural Policy (CAP) on Czech agriculture. Therefore, there were monitored in the period II important positive changes of the indicator R+S for most commodities. For the average of the Czech Republic, there were obtained the following values of R+S in the period I, resp. period II: wheat 2.6%, resp. 24.9%, barley 27.7%, resp. 39.8%, rapeseed -18.0%, resp. 23.4%, sugar beet 9.1%, resp. 41.4%, potatoes 10.5%, resp. 2.5% (the only one case of decrease), milk 2.1%, resp. 8.5%, fattening cattle -14.6%, resp. -3.6%, suckler cows -8.8%, resp. 19.7%, fattening pigs -5.5%, resp. -1.2%, fattening broilers -2.9%, resp. 0.1%.

Persistent producer price deflation in China and other Asian economies has become a genuine concern for policymakers. In June 2016, China's producer prices were down 12.7 percent from their peak in 2011, following a 52-month stretch of consecutive negative producer price readings (March 2012 to June 2016). Given problems with overcapacity and heavy corporate debt burdens, the incessant decline in producer prices has eroded corporate profitability, dampened fixed investment and depressed growth overall. This paper analyzes the determinants of producer price declines across eleven Asian economies, finding that the recent synchronous and protracted producer price deflation has been driven by weak production growth, low commodity prices, spill-over effects from China, and, to a lesser extent, exchange rate pass-through. With China at the heart of the region's producer price deflation challenge, we consider the structural adjustments needed in China to cope with the decline and head off deflationary threats. [ABSTRACT FROM AUTHOR]

This paper provides a new set of monthly price-competitiveness indicators for 62 countries, which are to be adopted by the Bank of Italy as its new official indicators. We employ updated trade weights that take into account the highly relevant competitive pressures of local producers in all outlet markets while guaranteeing a vast geographical coverage in international standards. We also assess price competitiveness with respective to different sub-groups of trading partners, namely euro-area vs. non euro-area countries. Focusing on the four largest economies in the euro area, in the period 1999-2014 Germany and France's price competitiveness is found to have improved; it was roughly stable in Italy whereas it deteriorated in Spain. [ABSTRACT FROM AUTHOR]

In the enlargement process, the agriculture and food sector merits particular attention because trade and policy issues between the candidate countries and the EU are more important in this sector than in any other. In 2001, Hungarian agriculture's contribution to GDP was 4.5 percent and agriculture represented 6.2 percent of the total employment. The share of agricultural and food products in total exports was 7.5 percent. Agricultural policies in Hungary have developed in the context of a transition towards market economy and in anticipation of entry into the EU Common Agricultural Policy (CAP). Producer prices in Hungary are by up to 20 percent lower than EU domestic producer prices (with the exception of beef, maize and sugar-beet). Domestic consumer prices are, in average, closely aligned with the world market prices, and in 2001, consumers were paying the world market prices. Progress made so far by Hungary provides a good basis for implementing the acquis in the agricultural sector, however, strengthening of the administrative capacity with regard to the Common Market Organisation mechanisms and structures relating to the European Agricultural Guarantee and Guidance Fund is a priority. For Hungary, the issues of equality of treatment and no distinction between the old and new members of the EU are at least as important as the level of transfers it will receive. The revised draft common position of the European Commission does not seem particularly equitable and should be improved by the end of the accession negotiations.

Copyright of Acta Scientiarum Polonorum. Oeconomia is the property of Wydawnictwo SGGW and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper models and estimates exchange rate pass-through and its determinants in Canadian manufacturing industries. The paper predicts theoretically that the exchange rate pass-through should be between one and zero, where it is positively affected by the share of tradable inputs in production costs and the domestic firms’ market share, and negatively by the elasticity of marginal cost with respect to output. The sign for the degree of product differentiation is not theoretically clear. Results of estimation indicate that pass-through is incomplete and is mostly affected by the share of tradable inputs in production costs (positively) and the elasticity of marginal cost with respect to output (negatively). [ABSTRACT FROM PUBLISHER]

This paper summarizes the microevidence on the setting of producer prices in the euro area. The main findings are: (i) 21% of producer prices are adjusted each month, (ii) producer prices are changed more frequently and by smaller amounts than consumer prices (even after controlling for product characteristics), (iii) price decreases are relatively frequent, (iv) inflation correlates positively with the difference between the frequency of price increases and decreases, and (v) there is substantial variation in price flexibility across sectors, which can be explained in part by differences in the cost structure, the degree of competition, and the level of sectoral inflation. [ABSTRACT FROM AUTHOR]

This article investigates the degree of persistence of different inflation rates for the Spanish economy using the Consumer Price Index (CPI) for the aggregate as well as for the regions, provinces and eight groups of goods and services, in addition to the Producer Price Index (PPI) for the aggregate and 24 industrial sectors. For that purpose, we employ: (1) the unit-root tests with good size and power of Ng and Perron (2001) with the small-sample bias correction developed by Perron and Qu (2007); (2) the nonlinear Exponential Smooth Transition Autoregressive (ESTAR) unit-root test proposed by Kapetanios et al. (2003); (3) median-unbiased estimations of the persistence parameter and the respective confidence intervals through the grid-bootstrap method proposed by Hansen (1999) and (4) median-unbiased estimations of the half-life of a shock in addition to the associated confidence intervals through the method based on impulse-response functions proposed by Gospodinov (2004). The results from the application of these techniques indicate that most of the CPI-based inflation rate series clearly contain a unit root. As regards the results for the PPI-based inflation rate series, we have provided evidence that the aggregate series appears to contain a unit root, while at the industry level the inflation rate series are found to be nonlinear stationary in 13 sectors. On the basis of this robust evidence of high persistence in inflation, policymakers should pay more attention to any shock hitting inflation, since the effects are expected to be long-lasting, particularly for consumer prices. Along these lines, it is essential to implement correcting reforms with the aim of raising price adjustment flexibility if one wants to avoid having to intervene actively in the markets to reach the inflation target. [ABSTRACT FROM PUBLISHER]

The issue of price disparities in the EU commodity markets has given rise to a fair amount of empirical and theoretical research. Price convergence studies were generally on the aggregate level, and investigated the convergence of inflation among countries. This study aims to investigate the convergence of agricultural price disparities among the EU member states, based on diff erent individual agricultural products. Th e analysis shows the existence of agricultural price convergence among the EU member states since 1991, even including some countries were not members of the EU. Furthermore, the speed of convergence diff ers among agricultural products and also between the sub-periods as 1991--2000 and 2000--2008. [ABSTRACT FROM AUTHOR]