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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
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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

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