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Federal Timber Restrictions and Interregional Arbitrage in U.S. Lumber

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  • Brian C. Murray
  • David N. Wear

Abstract

Harvesting restrictions to protect the habitat of the northern spotted owl on federal forests in the Pacific Northwest (PNW) substantially reduced timber available for processing by the forest products industry. We consider the extent to which these restrictions may have altered the degree of integration of the PNW and U.S. South in a national market for lumber. Descriptive statistics and econometric analysis of monthly price data suggest that a structural break occurred in the relationship between the two regions' product prices around the time of the harvest restrictions leading to a more integrated market after the restrictions were imposed.

Suggested Citation

  • Brian C. Murray & David N. Wear, 1998. "Federal Timber Restrictions and Interregional Arbitrage in U.S. Lumber," Land Economics, University of Wisconsin Press, vol. 74(1), pages 76-91.
    • Handle: RePEc:uwp:landec:v:74:y:1998:i:1:p:76-91
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    Citations

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    Cited by:

    1. Pizer, William A. & Kopp, Raymond, 2005. "Calculating the Costs of Environmental Regulation," Handbook of Environmental Economics, in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 3, chapter 25, pages 1307-1351, Elsevier.
    2. Charles Sims & David Aadland & David Finnoff & James Powell, 2013. "How Ecosystem Service Provision Can Increase Forest Mortality from Insect Outbreaks," Land Economics, University of Wisconsin Press, vol. 89(1), pages 154-176.
    3. John Livernois & Henry Thille & Xianqiang Zhang, 2006. "A test of the Hotelling rule using old‐growth timber data," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 39(1), pages 163-186, February.
    4. Chiles Jr., Ted W. & Clark, Joy, 1999. "Environmental Regulation and the Spatial Distribution of Capital and Resources," The Review of Regional Studies, Southern Regional Science Association, vol. 29(1), pages 51-62, Summer.
    5. Daigneault, Adam J. & Sohngen, Brent & Kim, Sei Jin, 2016. "Estimating welfare effects from supply shocks with dynamic factor demand models," Forest Policy and Economics, Elsevier, vol. 73(C), pages 41-51.
    6. Anders, Q. Nyrud, 2002. "Integration in the Norwegian pulpwood market: domestic prices versus external trade," Journal of Forest Economics, Elsevier, vol. 8(3), pages 213-225.
    7. Stordal, Stale & Nyrud, Anders Q., 2003. "Testing roundwood market efficiency using a multivariate cointegration estimator," Forest Policy and Economics, Elsevier, vol. 5(1), pages 57-68, January.
    8. Bingham, Matthew F. & Prestemon, Jeffrey P. & MacNair, Douglas J. & Abt, Robert C. & Bingham, Matthew F., 2003. "Market structure in U. S. southern pine roundwood," Journal of Forest Economics, Elsevier, vol. 9(2), pages 97-117.
    9. Rucker, Randal R. & Thurman, Walter N. & Yoder, Jonathan K., 1999. "An Economic Analysis Of The Determinants Of Lumber Futures Price Movements," 1999 Annual meeting, August 8-11, Nashville, TN 21706, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    10. Ferris, Ann E. & Frank, Eyal G., 2021. "Labor market impacts of land protection: The Northern Spotted Owl," Journal of Environmental Economics and Management, Elsevier, vol. 109(C).
    11. Changyou Sun & Zhuo Ning, 2014. "Timber Restrictions, Financial Crisis, and Price Transmission in North American Softwood Lumber Markets," Land Economics, University of Wisconsin Press, vol. 90(2), pages 306-323.
    12. N. Wear, David & Murray, Brian C., 2004. "Federal timber restrictions, interregional spillovers, and the impact on US softwood markets," Journal of Environmental Economics and Management, Elsevier, vol. 47(2), pages 307-330, March.
    13. Yin, Runsheng & Xu, Jintao, 2003. "Identifying the inter-market relationships of forest products in the Pacific Northwest with cointegration and causality tests," Forest Policy and Economics, Elsevier, vol. 5(3), pages 305-315, September.
    14. Korhonen, Jaana & Henderson, Jesse D. & Prestemon, Jeffrey, 2023. "National forest timber bids and export price interlinkages in the USA: The bounds testing approach," Forest Policy and Economics, Elsevier, vol. 152(C).
    15. Yin, Runsheng & Newman, David H. & Siry, Jacek, 2002. "Testing for market integration among southern pine regions," Journal of Forest Economics, Elsevier, vol. 8(2), pages 151-166.
    16. Sun, Changyou & Liao, Xianchun, 2011. "Effects of litigation under the Endangered Species Act on forest firm values," Journal of Forest Economics, Elsevier, vol. 17(4), pages 388-398.

    More about this item

    JEL classification:

    • Q23 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Forestry

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