Replaced with revised version of paper 06/28/11.

Replaced with revised version of paper 06/28/11.

Price dynamics for North American oriented strand board markets are examined. The role of transactions costs are explored vis-à-vis the law of one price. Nonlinearities induced by unobservable transactions costs are modeled by estimating time-varying smooth transition autoregressions...

We assess exchange rate pass–through (ERPT) for U.S. and Canadian prices for oriented strand board (OSB), a wood panel product used extensively in U.S. residential construction. Because of its prominence in construction and international trade, OSB markets are likely sensitive to general...

Time-series methods based on panel data are used to increase the power of conventional econometric tests of present value models commonly applied to studies of asset valuation. A second contribution is to allow for the presence of frictions in farmland markets by allowing for threshold...