Effects of Japanese Import Demand on U.S. Livestock Prices: Reply

In responding to a comment article, we concur that quantifying U.S. livestock price response to changing Japanese met import demand requires nonzero supply elasticities beyond one quarter. However, rigidities in market trade and empirical tests justify the inclusion of exchange rates in the short-run analysis. Producer welfare asymptotically approaches zero for increasing supply elasticities in the long run, but short-run transitions in producer surplus are meaningful to producers.


Issue Date:
2004-04
Publication Type:
Journal Article
PURL Identifier:
http://purl.umn.edu/42940
Published in:
Journal of Agricultural and Applied Economics, Volume 36, Number 1
Page range:
257-260
Total Pages:
4
JEL Codes:
Q17; F14; C32




 Record created 2017-04-01, last modified 2017-08-22

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