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The aim of the Ebook series of Research Topics in Agricultural & Applied Economics (RTAAE) is to publish high quality economic researches applied to both the agricultural and non-agricultural sectors of the economy. The subject areas of this E-book series include, among others, supply and demand analysis, technical change and productivity, industrial organization, labor economics, growth and development, environmental economics, marketing, business economics and finance. By covering a broad variety of economic research topics, this Ebook series should prove to be of considerable interest to a wide spectrum of academic, agricultural and applied economic researchers and scientists, as well as to industry specialists and government policy makers.

The aim of the Ebook series of Research Topics in Agricultural & Applied Economics (RTAAE) is to publish high quality economic researches applied to both the agricultural and non-agricultural sectors of the economy. The subject areas of this Ebook series include, among others, supply and demand analysis, technical change and productivity, industrial organization, labor economics, growth and development, environmental economics, marketing, business economics and finance. By covering a broad variety of economic research topics, this Ebook series should prove to be of considerable interest to a wide spectrum of academic, agricultural and applied economic researchers and scientists, as well as to industry specialists and government policy makers.

This paper applies the Window Malmquist Index (WMI) approach to measure changes in agricultural total factor productivity (TFP) for the United States and a sample of nine European countries for the period 1973 to 1993. The data set used in this paper is obtained from Ball et al. (2001). The WMI is constructed by combining Data Envelopment Analysis (DEA) window analysis with the Malmquist index approach. Furthermore, the "Kruskal and Wallis rank test" is used for testing frontier shifts among observed periods. The paper also explores the question of convergence in TFP across the countries under consideration, by testing for â- and ó-convergence, as well as for stochastic or long-run convergence. The results show wide variation in the rate of TFP growth across countries with an average trend growth rate of 1.62%. The results indicate the presence of â-convergence but the absence of ó-convergence for the full period under consideration but the presence of both â- and ó-convergence for the sub-period 1983-1993. Finally, a wide spectrum of panel unit root test results support the presence of long-run convergence among the sample countries.

The present study investigates the price (co)volatility of four dairy commodities—skim milk powder, whole milk powder, butter, and cheddar cheese—in three major dairy markets. It uses a multivariate factor stochastic volatility model for estimating the time‐varying covariance and correlation matrices by imposing a low‐dimensional latent dynamic factor structure. The empirical results support four factors representing the European Union and Oceania dairy sectors as well as the milk powder markets. Factor volatilities and marginal posterior volatilities of each dairy commodity increase after the 2006/07 global (food) crisis, which also coincides with the free trade agreements enacted from 2007 onward and EU and US liberalization policy changes. The model‐implied correlation matrices show increasing dependence during the second half of 2006, throughout the first half of 2007, as well as during 2008 and 2014, which can be attributed to various regional agricultural dairy policies. Furthermore, in‐sample value at risk measures (VaRs and CoVaRs) are provided for each dairy commodity under consideration.