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2022 ◽  
Vol 73 ◽  
pp. 103418
Fatma Krikid ◽  
Ahmad Karfoul ◽  
Sahbi Chaibi ◽  
Amar Kachenoura ◽  
Anca Nica ◽  

2022 ◽  
Vol 187 ◽  
pp. 108480
Zhe Wang ◽  
Shen Wang ◽  
Qing Wang ◽  
Zaifu Zhan ◽  
Wei Zhao ◽  

Jianbang Gan ◽  
Nana Tian ◽  
Junyeong Choi ◽  
Matthew Pelkki

We analyzed the synchronized movements of lumber futures and southern pine sawtimber stumpage prices in the United States since 2011 and their response to COVID-19 events using wavelet analysis and event study. We found that the sawtimber and lumber prices have followed complex comovement patterns in the time-frequency domain and both reacted to COVID-19 events with a higher response intensity of the lumber price. Although they reacted differently to the early COVID-19 episodes and vaccine news, the sawtimber and lumber prices responded similarly to the COVID-19 pandemic declarations by the World Health Organization and US president, the US Food and Drug Administration panel’s recommendation of the first COVID-19 vaccine, and economic stimulus legislation. The patterns of synchronized movements between the sawtimber and lumber prices varied with time and frequency, but their comovement at low frequencies (>64 weeks) has strengthened since 2014 and been led by the lumber futures price; COVID-19 episodes have not changed this trend. The different magnitude of response of the two prices to the COVID-19 related events, as well as the long-term dominance of the lumber price in the comovement, reveals asymmetric price negotiation power and benefit distributions among the agents of the lumber value chain.

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