Song, Nianfu; Chang, Sun Joseph; Aguilar, Francisco X. - In: Journal of Forest Economics 17 (2011) 1, pp. 19-33
This research estimated dynamic supply and demand equations for the U.S. softwood lumber using two-stage least squares. Long-run and ECM equations were derived from the estimated coefficients. Empirical data included monthly observations from 1990 to late 2006. Stationarity of the residuals was...