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	Identifying the inter-market relationships of forest products in the Pacific Northwest with cointegration and causality tests
	Yin R. S. ; Xu J. T.
	2003
关键词	inter-market relationship cointegration causality weak exogeneity price forecasting united-states one price softwood lumber law imports
英文摘要	We identify various inter-market relationships of forest products using cointegration and causality tests together. Of the six Douglas fir domestic sawlog, export sawlog, and lumber markets in the Pacific Northwest, we find that the two log markets and the two lumber markets are integrated, respectively. However, the two export log markets are not, nor is any cross-grade combination. In conjunction with cointegration restrictions, our causality tests demonstrate that export and lumber prices lead the movement of domestic sawlog prices; and similarly, the movements of domestic lumber prices follow the movements of export log prices. A close examination further reveals that export log prices for Region 1 lead the price formation process in all the lumber markets and log markets. We believe that these results have significant implications for understanding and thus dealing with forest products market behavior and price forecasting. (C) 2002 Elsevier Science B.V. All rights reserved.
出处	Forest Policy and Economics
卷	5
期	3
页	305-315
收录类别	SCI
语种	英语
ISSN号	1389-9341
内容类型	SCI/SSCI论文
源URL	[http://ir.igsnrr.ac.cn/handle/311030/22536]
专题	地理科学与资源研究所_历年回溯文献
推荐引用方式 GB/T 7714	Yin R. S.,Xu J. T.. Identifying the inter-market relationships of forest products in the Pacific Northwest with cointegration and causality tests. 2003.

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