Effects of Japanese Import Demand on U.S. Livestock Prices: Reply

Dragan Miljkovic, John M. Marsh () and Gary W. Brester

Journal of Agricultural & Applied Economics, 2004, vol. 36, issue 1, pages 257-260

Abstract: In responding to a comment article, we concur that quantifying U.S. livestock price response to changing Japanese meat import demand requires nonzero supply elasticities beyond one quarter. However, rigidities in market trade and empirical tests justify inclusion of exchange rates in the short-run analysis. Producer welfare asymptotically approaches zero for increasing supply elasticities in the long run, but short-run transitions in producer surplus are meaningful to producers.

Keywords: exchange rates; import demand; supply response (search for similar items in EconPapers)
JEL-codes: Q17 F14 C32 (search for similar items in EconPapers)

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