Monetary impacts and overshooting of agricultural prices in a transition economy

This research focused on the time adjustment paths of the exchange rate and prices in response to unanticipated monetary shocks. Johansen’s cointegration test along with a vector error correction model was employed, to investigate whether agricultural prices overshoot in a transition economy. The empirical results indicate that agricultural prices adjust faster than industrial prices to innovations in the money supply, affecting relative prices in the short run, but strict long-run money neutrality does not hold

World prices and domestic food price spikes

In this paper we aim to assess the mechanics of the global food price increases experienced in the recent years, most profoundly during the 2007-2008 food price spikes. At this stage, we aim to test, whether there is an empirically assessable relationship between World agricultural commodity prices, World oil prices and Hungarian producer and consumer food prices. After briefly discussing the background of the food price surge, and some studies empirically assessing it, we estimate a Vector Error Correction Model (VECM) with two long-run relationships, modelling vertical and horizontal price relationships (price transmissions). Preliminary results express (as somewhat expected for a small open economy as Hungary) that global developments have direct and significant effects upon price levels in Hungary regardless whether a vertical or horizontal price dimension is used. Further research will focus on determination of the magnitude, speed of occurrence and duration (needed to return to equilibrium) of the abovementioned global shifters express upon domestic agricultural and food price levels

Pinning Down versus Density

The pinning down number ${pd}(X)$ of a topological space $X$ is the smallest cardinal $\kappa$ such that for any neighborhood assignment $U:X\to \tau_X$ there is a set $A\in [X]^\kappa$ with $A\cap U(x)\ne\emptyset$ for all $x\in X$. Clearly, c$(X) \le {pd}(X) \le {d}(X)$. Here we prove that the following statements are equivalent: (1) $2^\kappa<\kappa^{+\omega}$ for each cardinal $\kappa$; (2) ${d}(X)={pd}(X)$ for each Hausdorff space $X$; (3) ${d}(X)={pd}(X)$ for each 0-dimensional Hausdorff space $X$. This answers two questions of Banakh and Ravsky. The dispersion character $\Delta(X)$ of a space $X$ is the smallest cardinality of a non-empty open subset of $X$. We also show that if ${pd}(X)<{d}(X)$ then $X$ has an open subspace $Y$ with ${pd}(Y)<{d}(Y)$ and $|Y| = \Delta(Y)$, moreover the following three statements are equiconsistent: (i) There is a singular cardinal $\lambda$ with $pp(\lambda)>\lambda^+$, i.e. Shelah's Strong Hypothesis fails; (ii) there is a 0-dimensional Hausdorff space $X$ such that $|X|=\Delta(X)$ is a regular cardinal and ${pd}(X)<{d}(X)$; (iii) there is a topological space $X$ such that $|X|=\Delta(X)$ is a regular cardinal and ${pd}(X)<{d}(X)$. We also prove that $\bullet$ ${d}(X)={pd}(X)$ for any locally compact Hausdorff space $X$; $\bullet$ for every Hausdorff space $X$ we have $|X|\le 2^{2^{{pd}(X)}}$ and ${pd}(X)<{d}(X)$ implies $\Delta(X)< 2^{2^{{pd}(X)}}$; $\bullet$ for every regular space $X$ we have $\min\{\Delta(X),\, w(X)\}\le 2^{{pd}(X)}\,$ and ${d}(X)<2^{{pd}(X)},\,$ moreover ${pd}(X)<{d}(X)$ implies $\,\Delta(X)< {2^{{pd}(X)}}$

Coloring Cantor sets and resolvability of pseudocompact spaces

Let us denote by $\Phi(\lambda,\mu)$ the statement that $\mathbb{B}(\lambda) = D(\lambda)^\omega$, i.e. the Baire space of weight $\lambda$, has a coloring with $\mu$ colors such that every homeomorphic copy of the Cantor set $\mathbb{C}$ in $\mathbb{B}(\lambda)$ picks up all the $\mu$ colors. We call a space $X\,$ {\em $\pi$-regular} if it is Hausdorff and for every non-empty open set $U$ in $X$ there is a non-empty open set $V$ such that $\overline{V} \subset U$. We recall that a space $X$ is called {\em feebly compact} if every locally finite collection of open sets in $X$ is finite. A Tychonov space is pseudocompact iff it is feebly compact. The main result of this paper is the following. Theorem. Let $X$ be a crowded feebly compact $\pi$-regular space and $\mu$ be a fixed (finite or infinite) cardinal. If $\Phi(\lambda,\mu)$ holds for all $\lambda < \widehat{c}(X)$ then $X$ is $\mu$-resolvable, i.e. contains $\mu$ pairwise disjoint dense subsets. (Here $\widehat{c}(X)$ is the smallest cardinal $\kappa$ such that $X$ does not contain $\kappa$ many pairwise disjoint open sets.) This significantly improves earlier results of van Mill , resp. Ortiz-Castillo and Tomita.Comment: 8 page

Anti-Urysohn spaces

All spaces are assumed to be infinite Hausdorff spaces. We call a space "anti-Urysohn" $($AU in short$)$ iff any two non-emty regular closed sets in it intersect. We prove that $\bullet$ for every infinite cardinal ${\kappa}$ there is a space of size ${\kappa}$ in which fewer than $cf({\kappa})$ many non-empty regular closed sets always intersect; $\bullet$ there is a locally countable AU space of size $\kappa$ iff $\omega \le \kappa \le 2^{\mathfrak c}$. A space with at least two non-isolated points is called "strongly anti-Urysohn" $($SAU in short$)$ iff any two infinite closed sets in it intersect. We prove that $\bullet$ if $X$ is any SAU space then $\mathfrak s\le |X|\le 2^{2^{\mathfrak c}}$; $\bullet$ if $\mathfrak r=\mathfrak c$ then there is a separable, crowded, locally countable, SAU space of cardinality $\mathfrak c$; \item if $\lambda > \omega$ Cohen reals are added to any ground model then in the extension there are SAU spaces of size $\kappa$ for all $\kappa \in [\omega_1,\lambda]$; $\bullet$ if GCH holds and $\kappa \le\lambda$ are uncountable regular cardinals then in some CCC generic extension we have $\mathfrak s={\kappa}$, $\,\mathfrak c={\lambda}$, and for every cardinal ${\mu}\in [\mathfrak s, \mathfrak c]$ there is an SAU space of cardinality ${\mu}$. The questions if SAU spaces exist in ZFC or if SAU spaces of cardinality $> \mathfrak c$ can exist remain open

What causes asymmetric price transmission in agro-food sector? : meta-analysis perspective

There now exists a large literature on price transmission in agro-food sectors. However, a great majority of empirical studies focus on the existence of asymmetry and, by and large, do not allow investigating the reason for its presence or absence. This is in sharp contrast to the theoretical literature that provides a number of explanations for why we should expect (a)symmetry. In response to this, this paper tries to uncover the reasons for asymmetric price transmission in the agro-food chain. To do so, we use meta-analysis drawing on the existing studies from this area. Our focus is on the organizational and institutional characteristics of the agro-food supply chain. Our findings suggest that asymmetric price transmission in farm-retail relationship is more likely to occur in sectors/countries with more fragmented farm structure, higher governmental support and more restrictive regulations on price controls in retail sector. On the other hand, more restrictive regulations on entry barriers in retail sector and relative importance of the sector in question tend to promote symmetric farm-retail price transmission. The latter is also more likely in the presence of strong processing industry

Mezőgazdasági árak = Agricultural Prices

Jelen kutatás azt vizsgálja, megfigyelhető-e a piaci erő alkalmazása a magyar sertéshús szektorban. A kutatás hiánypótló, mivel ellentétben az eddigi kutatásokkal, ahol jellemzően általános és nem-teljes ártranszmissziós modelleket becsültek, jelen kutatásban egy strukturális piaci modellt vezetünk le, majd becsülünk meg. Az elemzést, a termék vertikum első lépcsőjén, a vágásra szánt élő sertések keresletének és kínálatának szintjén végeztük. A kutatás legfontosabb eredménye, hogy ezen a szinten nem mutatható ki a piaci erő alkalmazása. Ezt az első látásra meglepő eredményt a magyar sertés tenyésztés, vágás és feldolgozás strukturális tulajdonságainak az elméleti vizsgálata is megerősítette. Megjegyzendő, hogy a sertésvertikumnak csupán az első szintjét elemeztük. Annak ellenére, hogy ezen a szinten nem mutattuk ki, a piaci erő jelen lehet a további piaci szinteken. A szupermarket láncok növekvő fontossága és piaci részesedése, valamint a kiskereskedelemben megnyílvánuló gyors koncentrációs folyamat a piaci erő kiskereskedelemben való jelenlétére utalhat. | This study investigates the existence of market power in the Hungarian pork chain. Doing this, it contributes to filling a gap in the literature. Contrary to many other studies, not an incomplete price transmission model but a structural market model is derived and estimated. The analysis is restricted to the demand and supply of pigs and thus the first stage of the Pork chain. The hypothesis of market power had to be rejected. The lack of market power result is also emphasised by the theoretical inspection and description of the structural characteristics of pork production, slaughtering and processing. Furthermore, only a small part of the total chain was analyzed. The lack of evidence on market power in the first stage, does not imply that market power is absent in downstream sectors as well. The growing importance of supermarket chains, and the rapid concentration processes in retailing suggest that market power might be present in retailing