Do retail coffee prices raise faster than they fall? Asymmetric price transmission in France, Germany and the United States.

摘要

We use monthly data spanning the period 1990-2006 to construct error correction representation models to examine price transmission asymmetries between international coffee prices and retail coffee prices in the United States, France and Germany. We find no evidence of long-run price transmission asymmetries. However, we provide evidence of short-run asymmetries with substantial differences among countries. For example, in Germany, decreases in international prices are transmitted faster to retail prices than increases are. Conversely, in the United States increases in international prices are transmitted faster to retail prices than decreases are. In France we find only modest evidence of price transmission asymmetries. We discuss our findings in the context of the differences in supply structures among the three countries.