scholarly journals Short-Run Demand Relationships in the U.S. Fats and Oils Complex

2003 ◽  
Vol 35 (1) ◽  
pp. 171-184 ◽  
Author(s):  
Barry K. Goodwin ◽  
Daniel Harper ◽  
Randy Schnepf
Keyword(s):  
Fats And Oils ◽  
The United States ◽  
Transition Function ◽  
Smooth Transition ◽  
Demand System ◽  
Small Scale ◽  
Almost Ideal Demand System ◽  
System Specification ◽  
Edible Fats ◽  
Short Run

Fats and oils play a prominent role in U.S. dietary patterns. Recent concerns over the negative health consequences associated with fats and oils have led many to suspect structural change in demand conditions. Our analysis considers short run (monthly) demand relationships for edible fats and oils. In that monthly quantities of fats and oils are likely to be relatively fixed, an inverse almost ideal demand system specification is used. A smooth transition function is used to model a switching inverse almost ideal demand system that assesses short-run demand conditions for edible fats and oils in the United States. The results suggest that short-run demand conditions for fats and oils experienced a gradual structural shift that began in the late 1980s or early 1990s and persisted into the mid-1990s. Although this shift generally made price flexibilities more elastic, differences in scale flexibilities across regimes were modest in most cases. The results suggest that decreases in marginal valuations for most fats and oils in response to consumption increases are rather small. Scale flexibilities are relatively close to –1, suggesting near homothetic preferences for fats and oils.

scholarly journals Meat Demand in South Korea: An Application of the Restricted Source-Differentiated Almost Ideal Demand System Model

2007 ◽  
Vol 39 (1) ◽  
pp. 47-60 ◽  
Author(s):  
Shida Rastegari Henneberry ◽  
Seong-huyk Hwang
Keyword(s):  
United States ◽  
South Korea ◽  
The United States ◽  
System Model ◽  
Demand System ◽  
Almost Ideal Demand System ◽  
The South ◽  
Meat Demand ◽  
South Korean ◽  
Meat Market

The first difference version of the restricted source-differentiated almost ideal demand system is used to estimate South Korean meat demand. The results of this study indicate that the United States has the most to gain from an increase in the size of the South Korean imported meat market in terms of its beef exports, while South Korea has the most to gain from this expansion in the pork market. Moreover, the results indicate that the United States has a competitive advantage to Australia in the South Korean beef market. Results of this study have implications for U.S. meat exports in this ever-changing policy environment.

scholarly journals Dynamically Changing Cattle Market Linkages with Supply-Side-Controlled Transitions

2019 ◽  
Vol 51 (3) ◽  
pp. 472-484
Author(s):  
Wenying Li ◽  
Yunhan Li ◽  
Jeffrey H. Dorfman
Keyword(s):  
Simple Procedure ◽  
Economic Indicator ◽  
The United States ◽  
Transition Function ◽  
Smooth Transition ◽  
Supply Side ◽  
Star Model ◽  
Cattle Markets ◽  
Cattle Market ◽  
Smooth Transition Autoregressive

AbstractCattle are costly to transport, which could lead to segmented regional cattle markets. The cointegration of cattle prices over regions has been of research interest for decades. This article investigates price cointegration between regional cattle markets in the United States and proposes a simple procedure for incorporating a flexible transition function into an economic indicator–controlled smooth transition autoregressive (ECON-STAR) model to evaluate market dynamics. The empirical results show that these markets have been highly integrated when excess supply exists, but when cattle inventories decrease, the market pattern becomes very regionally segmented.

scholarly journals International Demand for Palm Oil Estimated Within a Fats and Oils Demand System

2016 ◽  
Vol 6 (1-2) ◽  
pp. 67
Author(s):  
Achmad Suryana
Keyword(s):  
Palm Oil ◽  
Fats And Oils ◽  
Demand System ◽  
Almost Ideal Demand System ◽  
International Demand ◽  
Edible Tallow

<p><strong>Abstrak</strong></p><p><br />Sistim permintaan untuk  minyak nabati dan hewani bagi tiga pasar internasional utama dan dua negara produsen diduga dengan model Almost Ideal Demand System (AIDS). Pembahasan dititik­ beratkan pada hasil pendugaan untuk sistem permintaan minyak nabati dan hewani bagi MEE karena kawasan ini merupakan pasar ekspor yang paling penting bagi minyak sawit Indonesia. Hasil analisis menunjukkan bahwa kecuali di Amerika Serikat, permintaan untuk minyak  sawit  di pasar  interna­ sional adalah inelastis.  Telaahan ini juga menunjukkan hubungan antara minyak-minyak nabati dan hewani tidak saja bersifat substitusi tetapi antara beberapa minyak tersebut terjadi juga hubungan yang komplementer. Negara-negara yang termasuk ke dalam analisis ini adalah MEE, Amerika Serikat, Jepang, Malaysia, dan Indonesia. Sebelas macam minyak nabati dan hewani yang termasuk ke dalam analisis ini adalah lard, edible  tallow, minyak-minyak  sawit,  kelapa,  kedelai,  biji  kapas,  biji  rape, biji bunga matahari, zaitun, jagung,  dan ikan.</p>

scholarly journals Estimating Asymmetric Advertising Response: An Application to U.S. Nonalcoholic Beverage Demand

2008 ◽  
Vol 40 (3) ◽  
pp. 837-849 ◽  
Author(s):  
Yuqing Zheng ◽  
Harry M. Kaiser
Keyword(s):  
United States ◽  
Regime Switching ◽  
The United States ◽  
Transition Function ◽  
Smooth Transition ◽  
Regime Switching Model ◽  
Profound Impact ◽  
Switching Model ◽  
Model Features

We propose a regime-switching model that allows demand to respond asymmetrically to upward and downward advertising changes. With the introduction of a smooth transition function, the model features smooth rather than abrupt parameter changes between regimes. We apply the model to nonalcoholic beverage data in the United States for 1974 through 2005 to investigate asymmetric advertising response. Results indicate that a decrease in milk advertising had a more profound impact on milk demand than an increase did. An increase in milk advertising had no impact on milk demand, but a decrease could have an own-advertising elasticity up to 0.049.

scholarly journals Nonlinear Short-Run Adjustments between REITs and Stock Markets in the USA and Australia

2022 ◽  
pp. 47-68
Author(s):  
Cheng-Wen Lee ◽  
Wei-Jui Chen
Keyword(s):  
Stock Returns ◽  
Stock Markets ◽  
Structural Breaks ◽  
The United States ◽  
Jel Classification ◽  
Smooth Transition ◽  
Vector Error Correction ◽  
The Us ◽  
The Usa ◽  
Short Run

Abstract This study examines whether nonlinear co-integration exists between real estate investment trusts (REITs) and corresponding stock markets in the United States and Australia. Moreover, we employ the smooth-transition, vector-error correction model (STVECM) including the generalized autoregressive conditional heteroskedasticity (GARCH) model to separately explore the adjustment efficiencies of the short-run REITs and corresponding stock returns in dynamics. The empirical results demonstrate that there is a nonlinear co-integration with structural breaks between the equity and mortgage REITs and stock markets in the US as well as between the REITs and stock markets in Australia. When large positive and negative deviations of STVECM exist, the speed of equilibrium adjustment of the S&P 500 index is greater than that of the Mortgage REITs index. Additionally, the higher the equilibrium adjustment of Australian/US REITs index, the greater the reversion of Australian/US REITs index. Meanwhile, this study is also interested in finding out whether the REIT indices in the US or Australia would serve as a leading indicator for price movements. The result findings may provide a good reference for the investors’ investment engaged in the areas of these two countries. JEL Classification: C22, D53, G14, L85. Keywords: REITs, STVECM, Nonlinear Granger causality, GARCH.

Renewable Energy on Tribal Lands: A Feasibility Study for a Biomass-to-Energy Plant on the Cocopah Reservation in Arizona

2019 ◽  
Vol 3 (1) ◽  
pp. 1-12
Author(s):  
Lauren K. D’Souza ◽  
William L. Ascher ◽  
Tanja Srebotnjak
Keyword(s):  
Renewable Energy ◽  
Alternative Energy ◽  
Renewable Energy Sources ◽  
The United States ◽  
Biomass Energy ◽  
Policy Support ◽  
Small Scale ◽  
Energy Plant ◽  
Energy Projects ◽  
Alternative Investment

Native American reservations are among the most economically disadvantaged regions in the United States; lacking access to economic and educational opportunities that are exacerbated by “energy insecurity” due to insufficient connectivity to the electric grid and power outages. Local renewable energy sources such as wind, solar, and biomass offer energy alternatives but their implementation encounters barriers such as lack of financing, infrastructure, and expertise, as well as divergent attitudes among tribal leaders. Biomass, in particular, could be a source of stable base-load power that is abundant and scalable in many rural communities. This case study examines the feasibility of a biomass energy plant on the Cocopah reservation in southwestern Arizona. It considers feedstock availability, cost and energy content, technology options, nameplate capacity, discount and interest rates, construction, operation and maintenance (O&M) costs, and alternative investment options. This study finds that at current electricity prices and based on typical costs for fuel, O&M over 30 years, none of the tested scenarios is presently cost-effective on a net present value (NPV) basis when compared with an alternative investment yielding annual returns of 3% or higher. The technology most likely to be economically viable and suitable for remote, rural contexts—a combustion stoker—resulted in a levelized costs of energy (LCOE) ranging from US$0.056 to 0.147/kWh. The most favorable scenario is a combustion stoker with an estimated NPV of US$4,791,243. The NPV of the corresponding alternative investment is US$7,123,380. However, if the tribes were able to secure a zero-interest loan to finance the plant’s installation cost, the project would be on par with the alternative investment. Even if this were the case, the scenario still relies on some of the most optimistic assumptions for the biomass-to-power plant and excludes abatement costs for air emissions. The study thus concludes that at present small-scale, biomass-to-energy projects require a mix of favorable market and local conditions as well as appropriate policy support to make biomass energy projects a cost-competitive source of stable, alternative energy for remote rural tribal communities that can provide greater tribal sovereignty and economic opportunities.

Craft Beer's Unlikely Alchemist

2019 ◽  
Vol 19 (4) ◽  
pp. 78-90
Author(s):  
Theresa McCulla
Keyword(s):  
San Francisco ◽  
Assembly Line ◽  
The United States ◽  
Risk Tolerance ◽  
Small Scale ◽  
Intellectual Curiosity ◽  
Brewing Industry ◽  
Washing Machine ◽  
Craft Beer ◽  
History Of

In 1965, Frederick (Fritz) Maytag III began a decades-long revitalization of Anchor Brewing Company in San Francisco, California. This was an unexpected venture from an unlikely brewer; for generations, Maytag's family had run the Maytag Washing Machine Company in Iowa and he had no training in brewing. Yet Maytag's career at Anchor initiated a phenomenal wave of growth in the American brewing industry that came to be known as the microbrewing—now “craft beer”—revolution. To understand Maytag's path, this article draws on original oral histories and artifacts that Maytag donated to the Smithsonian Institution's National Museum of American History via the American Brewing History Initiative, a project to document the history of brewing in the United States. The objects and reflections that Maytag shared with the museum revealed a surprising link between the birth of microbrewing and the strategies and culture of mass manufacturing. Even if the hallmarks of microbrewing—a small-scale, artisan approach to making beer—began as a backlash against the mass-produced system of large breweries, they relied on Maytag's early, intimate connections to the assembly-line world of the Maytag Company and the alchemy of intellectual curiosity, socioeconomic privilege, and risk tolerance with which his history equipped him.

The Impact of Monetary and Fiscal Policies on the Stock Market in the United States (U.S); Evidence from Linear ARDL Framework

2020 ◽  
Vol 11 (1) ◽  
pp. 132-132
Author(s):  
Aref Emamian
Keyword(s):  
United States ◽  
Stock Market ◽  
The United States ◽  
Real Effective Exchange Rate ◽  
Annual Data ◽  
Fiscal Policies ◽  
Long Run ◽  
The Us ◽  
Short Run ◽  
The Impact

This study examines the impact of monetary and fiscal policies on the stock market in the United States (US), were used. By employing the method of Autoregressive Distributed Lags (ARDL) developed by Pesaran et al. (2001). Annual data from the Federal Reserve, World Bank, and International Monetary Fund, from 1986 to 2017 pertaining to the American economy, the results show that both policies play a significant role in the stock market. We find a significant positive effect of real Gross Domestic Product and the interest rate on the US stock market in the long run and significant negative relationship effect of Consumer Price Index (CPI) and broad money on the US stock market both in the short run and long run. On the other hand, this study only could support the significant positive impact of tax revenue and significant negative impact of real effective exchange rate on the US stock market in the short run while in the long run are insignificant. Keywords: ARDL, monetary policy, fiscal policy, stock market, United States

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