Dynamics and Long-run Structure in U.S. Meat Demand
Empirical analysis, based on a general dynamic Almost Ideal Demand System, shows the commonly used autoregressive and partial adjustment processes are restrictive to meal demand data. This study derives a linear specification in levels form to investigate dynamics in a general framework. Merging a long-run steady state structure with short-run dynamics results in consistent and robust long-run demand elasticities.
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Volume (Year): 41 (1993)
Issue (Month): 2 (07)
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