Dynamic impacts of rising lumber prices on housing-related prices

Ronald A. Babula, Phil L. Colling and Gregory R. Gajewski
Additional contact information
Ronald A. Babula: National Economy and History Branch, Economic Research Service, US Department of Agriculture (ERS|USDA), Postal: National Economy and History Branch, Economic Research Service, US Department of Agriculture (ERS|USDA)
Phil L. Colling: Marketing Economics Branch, ERS|USDA, Postal: Marketing Economics Branch, ERS|USDA
Gregory R. Gajewski: Specialty Agriculture Branch, ERS|USDA, Postal: Specialty Agriculture Branch, ERS|USDA

Agribusiness, 1994, vol. 10, issue 5, 373-388

Abstract: A monthly vector autoregression model of lumber, lumber futures, construction materials, housing, and shelter prices was shocked with a 10% lumber price increase, and dynamic responses were examined. Futures and materials price increases were immediate and endured 1 and 3 years, respectively. Housing and shelter price increases required at least 9 months to begin, and endured for about 3 years. Effects on materials, housing, and shelter prices were less than one-for-one. Price effects from a 10% future price increase imposed on the model were more delayed, weaker, and less enduring than those generated by lumber price shocks. ©1994 by John Wiley & Sons, Inc.

Date: 1994
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Persistent link: https://EconPapers.repec.org/RePEc:wly:agribz:v:10:y:1994:i:5:p:373-388

DOI: 10.1002/1520-6297(199409/10)10:5<373::AID-AGR2720100503>3.0.CO;2-U

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