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

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

Journal of Agricultural and Applied Economics, 2004, vol. 36, issue 1, 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 the 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.

Date: 2004
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