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英文文献：An Econometric Analysis Of The Effects Of Market Liberalization On Price Dynamics And Price Volatility-市场自由化对价格动态和价格波动的影响的计量分析
英文文献作者：Chavas, Jean-Paul,Kim, Kwansoo
英文文献摘要：
The paper investigates price dynamics under market liberalization, with a focus on the effects of lowering price floors. We analyze price dynamics by specifying and estimating a dynamic Tobit model under time-varying volatility, where the market price is censored by a government-set support price. The model is applied to the U.S. butter market over the last three decades. The econometric results show how the price support program affects both expected prices and the volatility of prices. It is found that the censoring effects of a price support program can be significant and large even if the price support is set relatively low.
本文研究了市场自由化条件下的价格动态，重点研究了降低价格下限的影响。本文通过对时变波动条件下的Tobit动态模型的确定和估计来分析价格动态，该模型中市场价格受政府设定的支持价格约束。在过去的三十年里，这种模式被应用到了美国的黄油市场。计量经济学的结果显示了价格支持计划如何影响预期价格和价格的波动。研究发现，即使价格支持设定在较低的水平，价格支持计划的截尾效果也会非常显著。
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