pairwise, relative and σ-convergence. We show that there is evidence of pairwise price convergence and that some key … of price-growth convergence, while price-level convergence is not supported by the data. Lastly, we assess the the short …-run implications of price convergence focusing on the speed of reversion to equilibrium after a system-wide shocks hits the …

In this paper we show that price equalization alone is not sufficient to determine the barriers to international trade …. There are many barrier combinations that deliver price equalization, but each combination implies a different volume of … goods will deliver price equalization in capital goods, but cannot reproduce the observed trade flows. -- international …

exacerbated by a low level of substitution between major rice export markets. In other words, this perceived lack of price … for price transmission between five major rice exporting markets representing Asia and the Americas over the past decade … response functions to interpret the model’s results. The findings suggest that price transmission exists across these major …

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 …