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Price Transmission in the US Ethanol Market

In: Handbook of Bioenergy Economics and Policy

Author

Listed:
  • Teresa Serra

    (Centre de Recerca en Economia i Desenvolupament Agroalimentari (CREDA-UPC-IRTA), Parc Mediterrani de la Tecnologia, Edifici ESAB)

  • David Zilberman

    (University of California)

  • José M. Gil

    (Centre de Recerca en Economia i Desenvolupament Agroalimentari (CREDA-UPC-IRTA))

  • Barry K. Goodwin

    (North Carolina State University)

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.

Suggested Citation

  • Teresa Serra & David Zilberman & José M. Gil & Barry K. Goodwin, 2010. "Price Transmission in the US Ethanol Market," Natural Resource Management and Policy, in: Madhu Khanna & Jürgen Scheffran & David Zilberman (ed.), Handbook of Bioenergy Economics and Policy, chapter 0, pages 55-72, Springer.
    • Handle: RePEc:spr:nrmchp:978-1-4419-0369-3_5
    DOI: 10.1007/978-1-4419-0369-3_5
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    Citations

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    Cited by:

    1. Ladislav Kristoufek & Karel Janda & David Zilberman, 2012. "Mutual Responsiveness of Biofuels, Fuels and Food Prices," CAMA Working Papers 2012-38, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    2. Zhang, Dengjun & Asche, Frank & Oglend, Atle, 2014. "Ethanol and trade: An analysis of price transmission in the US market," Energy Economics, Elsevier, vol. 42(C), pages 1-8.
    3. Koirala, Krishna H. & Mishra, Ashok K. & D'Antoni, Jeremy M. & Mehlhorn, Joey E., 2015. "Energy prices and agricultural commodity prices: Testing correlation using copulas method," Energy, Elsevier, vol. 81(C), pages 430-436.
    4. Crago, Christine L. & Khanna, Madhu & Barton, Jason & Giuliani, Eduardo & Amaral, Weber, 2010. "Competitiveness of Brazilian sugarcane ethanol compared to US corn ethanol," Energy Policy, Elsevier, vol. 38(11), pages 7404-7415, November.
    5. Kristoufek, Ladislav & Janda, Karel & Zilberman, David, 2012. "Correlations between biofuels and related commodities before and during the food crisis: A taxonomy perspective," Energy Economics, Elsevier, vol. 34(5), pages 1380-1391.
    6. Ladislav Kristoufek & Karel Janda & David Zilberman, 2013. "Non-linear Price Transmission between Biofuels, Fuels and Food Commodities," CERGE-EI Working Papers wp481, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    7. Vacha, Lukas & Janda, Karel & Kristoufek, Ladislav & Zilberman, David, 2013. "Time–frequency dynamics of biofuel–fuel–food system," Energy Economics, Elsevier, vol. 40(C), pages 233-241.
    8. Pacini, Henrique & Assunção, Lucas & van Dam, Jinke & Toneto, Rudinei, 2013. "The price for biofuels sustainability," Energy Policy, Elsevier, vol. 59(C), pages 898-903.
    9. Barbaglia, Luca & Croux, Christophe & Wilms, Ines, 2020. "Volatility spillovers in commodity markets: A large t-vector autoregressive approach," Energy Economics, Elsevier, vol. 85(C).

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