Hostname: page-component-586b7cd67f-g8jcs Total loading time: 0 Render date: 2024-11-26T02:56:09.422Z Has data issue: false hasContentIssue false
  • English
  • Français

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

Published online by Cambridge University Press:  28 April 2015

Dragan Miljkovic ,
John M. Marsh  and
Gary W. Brester
Dragan Miljkovic
Affiliation:
Department of Agriculture, Southwest Missouri State University, Springfield, MO
John M. Marsh
Affiliation:
Department of Agricultural Economics and Economics, Montana State University, Bozeman, MT
Gary W. Brester
Affiliation:
Department of Agricultural Economics and Economics, Montana State University, Bozeman, MT
Get access Rights & Permissions [Opens in a new window]

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.

Keywords

exchange ratesimport demandsupply responseQ17F14C32
Type
Articles
Information
Journal of Agricultural and Applied Economics , Volume 36 , Issue 1 , April 2004 , pp. 257 - 260
Copyright
Copyright © Southern Agricultural Economics Association 2004

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Barrett, C.B. “Measuring Integration and Efficiency in International Agricultural Markets.” Review of Agricultural Economics 23(Spring/Summer 2001):19–32.CrossRefGoogle Scholar
Cushman, D.O. “The Effects of Real Exchange Rate Risk on International Trade.” Journal of International Economics 15(August 1983):45–63.CrossRefGoogle Scholar
Cushman, D.O. “U.S. Bilateral Trade Flows and Exchange Risk During the Floating Period.” Journal of International Economics 24(May 1988):317–30.CrossRefGoogle Scholar
Hooper, P., and Kohlhagen, S.W.. “The Effects of Exchange Rate Risk and Uncertainty on the Prices and Volume of International Trade.” Journal of International Economics 8(November 1978):483–511.CrossRefGoogle Scholar
Kenen, P., and Rodrik, D.. “Measuring and Analyzing the Effects of Short-Term Volatility in Real Exchange Rates.” Review of Economics and Statistics 68(May 1986):311–15.CrossRefGoogle Scholar
Keynes, J.M.A Tract on Monetary Reform. New York: Prometheus Books, 1923.Google Scholar
Kinnucan, H.W. “Japanese Import Demand for U.S. Beef and Pork: Effects on U.S. Red Meat Exports and Livestock Prices: Comment.” Journal of Agricultural and Applied Economics 36,1(April 2004):251–55.CrossRefGoogle Scholar
Marsh, J.M. “Estimating Intertemporal Supply Response in the Fed Beef Market.” American Journal of Agricultural Economics 76(February 1994):51–66.CrossRefGoogle Scholar
Miljkovic, D. “The Law of One Price in International Trade: A Critical Review.” Review of Agricultural Economics 21 (Spring-Summer 1999):126–39.Google Scholar
Miljkovic, D., Marsh, J.M., and Brester, G.W.. “Japanese Import Demand for U.S. Beef and Pork: Effects on U.S. Red Meat Exports and Livestock Prices.” Journal of Agricultural and Applied Economics 34(December 2002):501–12.CrossRefGoogle Scholar
Rogoff, K. “The Purchasing Power Parity Puzzle.” Journal of Economic Literature 34(June 1996):647–68.Google Scholar
Wohlgenant, M.K. “Demand for Farm Output in a Complete System of Demand Functions.” American Journal of Agricultural Economics 71(May 1989):241–52.CrossRefGoogle Scholar