Author
Zhuo Ning and Changyou Sun
Journal of Forest Economics, 2014, vol. 20, issue 1, pages 17-32
Abstract: Timber and lumber markets are linked and integrated through prices at several stages along timber supply chain. In this study, the degree of vertical integration and the presence of asymmetric price transmission are investigated for sawtimber and lumber products in the southern and western United States. The data utilized are quarterly stumpage price, delivered timber price, and lumber price of softwood between 1977 and 2011. Linear and threshold cointegration models are used for long-term price analyses, and symmetric and asymmetric error correction models are used for short-term price analyses. The integration in the early stage (i.e., stumpage/delivered timber price pair) is found to be stronger than that in the latter stage (i.e., delivered/lumber price pair). The South shows slightly stronger market cointegration than the West. Asymmetric price transmission is found along the timber supply chain. In the long term, prices are more responsive when the price margin is increased than decreased.
Keywords: Asymmetric price transmission; Error correction model; Market integration; Threshold cointegration (search for similar items in EconPapers)
JEL-codes: C32 F15 Q23 (search for similar items in EconPapers)
Date: 2014
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Persistent link: http://EconPapers.repec.org/RePEc:eee:foreco:v:20:y:2014:i:1:p:17-32
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Journal of Forest Economics is currently edited by P. Gong and R. Brännlund
More articles in Journal of Forest Economics from Elsevier
Series data maintained by Zhang, Lei (repec@elsevier.com).
For further details log on website :
http://econpapers.repec.org/article/eeeforeco/v_3a20_3ay_3a2014_3ai_3a1_3ap_3a17-32.htm
Zhuo Ning and Changyou Sun
Journal of Forest Economics, 2014, vol. 20, issue 1, pages 17-32
Abstract: Timber and lumber markets are linked and integrated through prices at several stages along timber supply chain. In this study, the degree of vertical integration and the presence of asymmetric price transmission are investigated for sawtimber and lumber products in the southern and western United States. The data utilized are quarterly stumpage price, delivered timber price, and lumber price of softwood between 1977 and 2011. Linear and threshold cointegration models are used for long-term price analyses, and symmetric and asymmetric error correction models are used for short-term price analyses. The integration in the early stage (i.e., stumpage/delivered timber price pair) is found to be stronger than that in the latter stage (i.e., delivered/lumber price pair). The South shows slightly stronger market cointegration than the West. Asymmetric price transmission is found along the timber supply chain. In the long term, prices are more responsive when the price margin is increased than decreased.
Keywords: Asymmetric price transmission; Error correction model; Market integration; Threshold cointegration (search for similar items in EconPapers)
JEL-codes: C32 F15 Q23 (search for similar items in EconPapers)
Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations Track citations by RSS feed
Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1104689913000305
Full text for ScienceDirect subscribers only
Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text
Persistent link: http://EconPapers.repec.org/RePEc:eee:foreco:v:20:y:2014:i:1:p:17-32
Ordering information: This journal article can be ordered from
http://www.elsevier.com/wps/find/journaldescription.cws_home/701775/bibliographic
http://www.elsevier. ... 701775/bibliographic
Access Statistics for this article
Journal of Forest Economics is currently edited by P. Gong and R. Brännlund
More articles in Journal of Forest Economics from Elsevier
Series data maintained by Zhang, Lei (repec@elsevier.com).
For further details log on website :
http://econpapers.repec.org/article/eeeforeco/v_3a20_3ay_3a2014_3ai_3a1_3ap_3a17-32.htm
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