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.
|Date of creation:||01 Jul 1993|
|Publication status:||Published in Canadian Journal of Agricultural Economics, July 1993, vol. 41 no. 2, pp. 139-153|
|Contact details of provider:|| Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070|
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Fax: +1 515.294.0221
Web page: http://www.econ.iastate.edu
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