本文基于2000年1月至2015年12月生猪价格与育肥猪配合饲料价格的月度数据,运用非对称误差修正模型、脉冲响应函数等对猪肉与饲料市场间的价格传导非对称效应进行了研究。结果表明:生猪与饲料价格之间存在长期均衡关系;短期内,生猪与饲料价格协整系统具有反向修正机制,价格波动的影响存在滞后效应,且价格传导具有显著的非对称效应;脉冲响应函数的结果进一步验证了生猪与饲料价格的传导特征。针对价格的传导机制与特征,本文提出了相应的政策建议,对政府制定相关市场调控政策、提升消费者福利水平具有重要的意义。
This study applies asymmetric error correction model and impulse response function to analyze the asymmetric effect of hog-feed price transmission, based on monthly price data between January 2000 and December 2015. The results show that there is a long-term equilibrium relationship between hog and feed prices; in the short term, the cointegration system has a reverse correction mechanism and the price transmission is time-lagging and significantly asymmetric; the results of impulse response function further verified the feature of hog and feed price. In view of the price transmission mecha- nism and feature, this paper makes the accordingly policy recommendations, which is of great significance for the government to formulate relevant market regulations and improve the level of consumer welfare.