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

Author

Listed:
  • Miljkovic, Dragan
  • Marsh, John M.
  • Brester, Gary W.

Abstract

In responding to a comment article, we concur that quantifying U.S. livestock price response to changing Japanese meat 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.

Suggested Citation

  • Miljkovic, Dragan & Marsh, John M. & Brester, Gary W., 2004. "Effects of Japanese Import Demand on U.S. Livestock Prices: Reply," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 36(1), pages 257-260, April.
    • Handle: RePEc:cup:jagaec:v:36:y:2004:i:01:p:257-260_02
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    JEL classification:

    • Q17 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agriculture in International Trade
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models

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