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Changes in Import Demand Elasticity for Red Meat and Livestock: Measuring the Impacts of Animal Disease and Trade Policy

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  • Susanto, Dwi
  • Rosson, C. Parr, III
  • Henneberry, Shida Rastegari
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    Abstract

    This paper estimates import demand functions for red meat and live cattle and investigates the impact of BSE and the trade ban on Canadian Cattle and beef on U.S. import demand elasticity using an error correction model (ECM). The results show that beef, pork, and live cattle were price inelastic prior to the BSE case. There has been statistical evidence of the effect of BSE and the trade bans on import demand elasticity in favor of more elastic demand. The effect is, however, quite small in absolute values for pork and beef imports and is relatively more elastic for live cattle. But the import demand elasticities of the three products are still inelastic. The use of ECM model provides efficient and robust estimates of the parameters.

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    File URL: http://purl.umn.edu/6337
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    Bibliographic Info

    Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida with number 6337.

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    Date of creation: 2008
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    Handle: RePEc:ags:aaea08:6337

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    Keywords: BSE; elasticity; import demand; red meat and live cattle; trade bans; International Relations/Trade; Livestock Production/Industries;

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    1. Granger, C. W. J. & Newbold, P., 1974. "Spurious regressions in econometrics," Journal of Econometrics, Elsevier, vol. 2(2), pages 111-120, July.
    2. MacKinnon, James G & Haug, Alfred A & Michelis, Leo, 1999. "Numerical Distribution Functions of Likelihood Ratio Tests for Cointegration," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 14(5), pages 563-77, Sept.-Oct.
    3. Davidson, James E H, et al, 1978. "Econometric Modelling of the Aggregate Time-Series Relationship between Consumers' Expenditure and Income in the United Kingdom," Economic Journal, Royal Economic Society, vol. 88(352), pages 661-92, December.
    4. Granger, C. W. J., 1981. "Some properties of time series data and their use in econometric model specification," Journal of Econometrics, Elsevier, vol. 16(1), pages 121-130, May.
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