The United States (U.S.) cheese sector has been steadily growing throughout the years. Since 1980, U.S. consumers have doubled their annual consumption of cheese, currently at about 37.9 lbs. per capita in 2018 excluding cottage cheese. Cheese varieties are generally classified as American type (Cheddar, Monterey and others), Italian type (Mozzarella and others), and Other type (Swiss, Muenster and others) since they serve different markets. American cheese is consumed regularly in hamburgers, sandwiches and in similar settings. Italian cheese is typically consumed in pizzas, pasta and Italian cuisine. Despite the burgeoning growth in cheese demand, there has been no study addressing the dynamic price relationship among different varieties of cheese. This study investigates the price discovery process among cheese varieties: Cheddar, Mozzarella, Swiss, Muenster, and Monterey by using a vector error correction model and standard innovation accounting. Results indicate relative price interaction among different varieties of cheese, providing empirical evidence of some decouplment or separation among American (Cheddar and Monterey), Italian (Mozzarella), and Other type (Swiss). An exemption is Muenster which despite being classified as Other type of cheese responds to American’s Cheddar.

中文翻译：

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奶酪市场之间的动态价格关系和价格发现

多年来，美国（美国）奶酪行业一直在稳定增长。自1980年以来，美国消费者的奶酪年消费量增加了一倍，目前约为37.9磅。2018年人均收入，不包括奶酪。奶酪品种通常分为美国类型（切达干酪，蒙特雷等），意大利类型（莫扎里拉等）和其他类型（瑞士，明斯特等），因为它们服务于不同的市场。美国奶酪经常在汉堡包，三明治和类似环境中食用。意大利奶酪通常在比萨，意大利面和意大利美食中食用。尽管奶酪需求迅速增长，但是还没有针对不同奶酪品种之间动态价格关系的研究。这项研究调查了奶酪品种（切达干酪，莫扎里拉干酪，Swiss，Muenster和Monterey，使用向量错误校正模型和标准创新会计。结果表明，不同品种的奶酪之间存在相对价格交互作用，提供了美国（切达干酪和蒙特雷），意大利（莫扎里拉干酪）和其他类型（瑞士干酪）之间分离或分离的经验证据。Muenster是一项豁免，尽管被归类为American的Cheddar的其他类型的奶酪。