The milk supply chain has been interested by great changes during the last two decades and, in particular, there has been a great trade liberalization and a conspicuous policy change due to the abolition of milk quotas. These market changes are likely to have had a large impact on the transmission of price along the supply chain. Our analysis aims at exploring how market changes have altered vertical price transmission, and, in particular, how asymmetries have changes over tims. We use an asymmetric error correction model to infer on short run and long-run adjustments and conclude on the potential role played by market changes.


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