Impacts of COVID-19 and Price Transmission in US Meat Markets

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dc.contributor.authorRamsey, A. Forden
dc.contributor.authorGoodwin, Barry K.en
dc.contributor.authorHahn, William F.en
dc.contributor.authorHolt, Matthew T.en
dc.contributor.departmentAgricultural and Applied Economicsen
dc.date.accessioned2021-07-28T18:14:03Zen
dc.date.available2021-07-28T18:14:03Zen
dc.date.issued2021-05en
dc.description.abstractCoronavirus 2019 (COVID-19) has caused ongoing disruptions to U.S. meat markets via demand and supply-side shocks. Abnormally high prices have been reported at retail outlets and meat packers have been accused of unfair business practices because of widening price spreads. Processing facilities have experienced COVID-19 outbreaks resulting in shutdowns. Using weekly data on wholesale and retail prices of beef, pork, and poultry, we characterize the time series behavior and dynamic linkages of U.S. meat prices before the COVID-19 pandemic. We model vertical price transmission using both linear and threshold autoregressive (AR) models and vector error correction (VEC) models. With the estimated models, we then compare price movements under COVID-19 to model predictions. All three meat markets are well-integrated and we observe unexpected, large price movements in April and May of 2020. Early COVID-19 related shocks appear to be transitory with prices returning to expected levels at a pace consistent with the speed of transmission prior to the pandemic. This well-functioning market process suggests a degree of resilience in U.S. meat supply chains.en
dc.description.notesThis research was supported by USDA-NIFA Project: COVID-19 Rapid Response: Coronavirus Disease 2019, Price Transmission, and the Farm-Retail Price Spread in U.S. Livestock. The views expressed here are those of the authors and cannot be attributed to the Economic Research Service or the U.S. Department of Agriculture.en
dc.description.sponsorshipUSDA-NIFAUnited States Department of Agriculture (USDA)en
dc.description.versionPublished versionen
dc.format.mimetypeapplication/pdfen
dc.identifier.doihttps://doi.org/10.1111/agec.12628en
dc.identifier.eissn1574-0862en
dc.identifier.issn0169-5150en
dc.identifier.issue3en
dc.identifier.pmid34149130en
dc.identifier.urihttp://hdl.handle.net/10919/104428en
dc.identifier.volume52en
dc.language.isoenen
dc.rightsCreative Commons Attribution-NonCommercial-NoDerivs 4.0 Internationalen
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/en
dc.subjectbeefen
dc.subjectCOVID-19en
dc.subjectporken
dc.subjectpoultryen
dc.subjectprice transmissionen
dc.titleImpacts of COVID-19 and Price Transmission in US Meat Marketsen
dc.title.serialAgricultural Economicsen
dc.typeArticle - Refereeden
dc.type.dcmitypeTexten
dc.type.dcmitypeStillImageen

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Scholarly Works, Agricultural and Applied Economics
Destination Area: Global Systems Science (GSS)