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Finished Product Inventories and Price Expectations in the Softwood Lumber Industry

Author

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  • Jan K. Lewandrowski
  • Michael K. Wohlgenant
  • Thomas J. Grennes

Abstract

A monthly model is presented of the U.S. softwood lumber sector. Price expectations and beginning-period inventories have important roles in producers' production, sales, and inventory decisions. Cross-price effects among domestic producing regions are minimal. However, there is substantial competition between U.S. and Canadian producers. Our model produces supply elasticities, demand elasticities, and inventory response parameters that are different from and more comprehensive than those obtained in previous work.

Suggested Citation

  • Jan K. Lewandrowski & Michael K. Wohlgenant & Thomas J. Grennes, 1994. "Finished Product Inventories and Price Expectations in the Softwood Lumber Industry," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 76(1), pages 83-93.
    • Handle: RePEc:oup:ajagec:v:76:y:1994:i:1:p:83-93.
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    File URL: http://hdl.handle.net/10.2307/1243923
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    Cited by:

    1. Zhang, Han & Zhao, Qing & Kuuluvainen, Jari & Wang, Changhai & Li, Shiping, 2015. "Determinants of China's lumber import: A bounds test for cointegration with monthly data," Journal of Forest Economics, Elsevier, vol. 21(4), pages 269-282.
    2. Mogus, Anthony & Stennes, Brad & van Kooten, G. Cornelis, 2005. "Canada-US Softwood Lumber Trade Revisited: Examining the Role of Substitution Bias in the Context of a Spatial Price Equilibrium Framework," Working Papers 37016, University of Victoria, Resource Economics and Policy.
    3. Roman, Angel Aguiar & Foster, Kenneth A. & Shook, Steve, 2006. "Evaluation of the Substitutability between U.S. and Canadian Softwood Lumber," 2006 Annual meeting, July 23-26, Long Beach, CA 21114, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    4. Selin Güney & Andrés Riquelme & Barry Goodwin, 2023. "An Analysis of the Pass-Through of Exchange Rates in Forest Product Markets," Agriculture, MDPI, vol. 13(3), pages 1-16, February.
    5. Song, Nianfu & Chang, Sun Joseph & Aguilar, Francisco X., 2011. "U.S. softwood lumber demand and supply estimation using cointegration in dynamic equations," Journal of Forest Economics, Elsevier, vol. 17(1), pages 19-33, January.

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