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Autoren: 
Krištoufek, Ladislav
Janda, Karel
Zilberman, David
Datum: 
2013
Reihe/Nr.: 
IES Working Paper 16/2013
Zusammenfassung: 
For the biofuel markets and related commodities, we study their price transmission, which is in fact equivalent to studying price cross-elasticities. Importantly, we focus on the price dependence of the price transmission mechanism. Several methodological caveats are discussed. Specifically, we combine the memory robust feasible generalized least squares estimation with two-stage least squares to control for endogeneity bias and inconsistency. We find that both ethanol and biodiesel prices are responsive to their production factors (ethanol to corn, and biodiesel to German diesel). The strength of transmission between both significant pairs increased remarkably during the food crisis of 2007/2008.
Schlagwörter: 
biofuels
price transmission
non-linearity
JEL: 
C22
Q16
Q42
Dokumentart: 
Working Paper

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