This study provides evidence of the importance of a well-defined and functioning spot market for the success of the associated futures market. The United States (US) spot market for nonfat dry milk has several distinct pricing benchmarks, whereas the New Zealand (NZ) market has a single spot...

This paper investigates hedging and cross-hedging internationally traded milk derivative products with internationally traded commodities, recently launched New Zealand dairy futures, New Zealand agricultural products, and mature United States dairy market futures. The contribution of the paper...

This paper analyses the causes of the Dutch Miracle. Low wage increases in The Netherlands compared to the rest of Europe are the main factor explaining the fast employment growth. Two factors can explain wage growth lagging behind: the 1982 Wassenaar-agreement between trade unions and employers...