We examine price transmissions among farm, wholesale and retail U.S. beef markets using two types of retail price data, one collected by the Bureau of Labor Statistics (BLS), and the other one collected at the point of sale using electronic scanners. Using a test based on the simulation of nonlinear impulse response functions, we find no evidence of vertical asymmetric price transmissions in models estimated using scanner data. However, prices adjust asymmetrically in models estimated using BLS data. Because scanner prices are more reflective of actual consumer purchases, the U.S. beef market is not as inefficient as previous studies suggest.

我们使用两种类型的零售价格数据检查了农场，批发和零售美国牛肉市场之间的价格传递，一种是由劳工统计局（BLS）收集的，另一种是在销售点使用电子扫描仪收集的。使用基于非线性脉冲响应函数仿真的测试，我们发现在使用扫描仪数据估算的模型中没有垂直非对称价格传递的证据。但是，在使用BLS数据估算的模型中，价格非对称调整。由于扫描仪的价格更能反映消费者的实际购买情况，因此美国牛肉市场的效率没有以前的研究表明的那样低。