@article{Newton:244616,
      recid = {244616},
      author = {Newton, John},
      title = {Price Transmission in Global Dairy Markets},
      journal = {International Food and Agribusiness Management Review},
      address = {2016-08-15},
      number = {1030-2016-83107},
      series = {Volume 19},
      pages = {15},
      month = {Aug},
      year = {2016},
      note = {The IFAMR is published quarterly my IFAMA. For more  information visit: www.ifama.org.},
      abstract = {The price relationships governing dairy commodity price  transmission among the US, Oceania, and EU markets are  considered using vector autoregressive (VAR) and vector  error correction (VECM) models. Results demonstrate a  one-way price relationship for US dry milk powders as price  shocks in Oceania and the European Union spread to the  United States while US price shocks do not spread into  those markets. US prices for cheddar and butter are  impacted by price shocks in Oceania and the EU. However, US  price shocks also spread into the Oceania market and may  reflect potential arbitrage opportunities. Historically  thought to be shielded from international prices through  low import quotas and high out-of-quota tariffs, these  results are the first to empirically demonstrate that US  dairy commodity prices are influenced in both the long-run  and short-run by international dairy commodity prices.},
      url = {http://ageconsearch.umn.edu/record/244616},
      doi = {https://doi.org/10.22004/ag.econ.244616},
}