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Erschienen in:
Bioenergy Economics and Policy: Introduction and Overview Kapitel lesen Erstes Kapitel lesen

2010 | OriginalPaper | Buchkapitel

5. Price Transmission in the US Ethanol Market

verfasst von : Teresa Serra, David Zilberman, José M. Gil, Barry K. Goodwin

Erschienen in: Handbook of Bioenergy Economics and Policy

Verlag: Springer New York

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Abstract

We use nonlinear time series models to assess price relationships within the US ethanol industry. Daily ethanol, corn, and crude oil futures prices observed from mid-2005 to mid-2007 are used in the analysis. Our results suggest the existence of an equilibrium relationship between the three prices studied. Only ethanol prices are found to adjust to deviations from this relationship. The evolution of ethanol prices in relation to corn and crude oil prices may have important implications for the long-run competitiveness of the US ethanol industry.

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Vorheriges Kapitel Present and Future Possibilities for the Deconstruction and Utilization of Lignocellulosic Biomass
Nächstes Kapitel Biofuels and Agricultural Growth: Challenges for Developing Agricultural Economies and Opportunities for Investment
Fußnoten
1
Corn, ethanol, and oil futures prices are quoted in cents per bushel, dollars per gallon, and dollars per barrel, respectively.
 
2
It is well established that as a futures contract expiration approaches, futures and cash prices converge. This is corroborated by a high correlation between cash and futures prices. For example, correlation between CBOT ethanol futures prices and Chicago cash ethanol prices is on the order of 0.987 (CME Group, 2007). Hence, the findings of our paper are not expected to differ from the ones that would be obtained if using cash prices.
 
3
Results are compatible with unit-root Perron test results for the ethanol series pointing towards a break in the price series by the end of April 2006.
 
4
To preserve space, parameters showing the short-run dynamics of the series are not presented.
 
5
Since the exponential function implies symmetric adjustments around the threshold parameter, responses to both negative and positive shocks should be identical.
 
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Metadaten
Titel
Price Transmission in the US Ethanol Market
verfasst von
Teresa Serra
David Zilberman
José M. Gil
Barry K. Goodwin
Copyright-Jahr
2010
Verlag
Springer New York
Buch
Handbook of Bioenergy Economics and Policy

Print ISBN: 978-1-4419-0368-6

Electronic ISBN: 978-1-4419-0369-3

Copyright-Jahr: 2010

DOI
https://doi.org/10.1007/978-1-4419-0369-3_5

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