| 초록 |
This paper examines the relationship between the volatility of supply and the volatility of wholesale prices using GARCH-GJR model which allows to consider the asymmetric responses of the conditional variances of price to the volatility of the amount of daily carry-in. Fresh vegetables such cabbage, raddish, pepper, and cucumber at Seoul Garak Wholesale Market are under consideration. The result shows that there is a significant negative relationship between conditional variance of supply and that of price for three of the four products. There are two kinds of source for the increase of volatility of daily supply: one is from weather disaster which makes price more volatile, and the other is from suppliers' controllability of daily carry-in, which makes price less volatile. The negative relationship implies that the latter dominates the former in the sense of market impact for price stability. The result also shows that the price flexibility coefficients measured using daily carry-in and price are ranged between 0.10~0.14.
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