The Law of One Price (LOP) is an important component of most, if not all, international trade models because this assumption allows researchers to use a single representative price for all regions. This paper examines the long-run LOP for international commodity prices using a generalized notion...

U.S. wheat producers contend that Canadian production subsidies and implicit export subsidies have undermined the U.S. price support program. The authors examine this contention and assess the relationships between U.S. and Canadian wheat prices using a cointegration and error approach. The...

In North America and Europe, wheat is a very important commodity that has been at the heart of trade disputes and policy conflicts. This study uses a dynamic Almost Ideal Demand System (AIDS) to estimate demand elasticities for wheat differentiated by classes, for the United States and the...