Federal Timber Restrictions and Interregional Arbitrage in U.S. Lumber
研究了保护斑点鸮的联邦采伐限制如何影响太平洋西北部与美国南部木材市场的整合程度，发现限制后市场更一体化。
Harvesting restrictions to protect the habitat of the northern spotted owl on federal forests in the Pacific Northwest (PNW) substan- tially reduced timber available for processing by the forest products industry. We consider the ex- tent to which these restrictions may have altered the degree of integration of the PNW and U.S. South in a national market for lumber. Descrip- tive statistics and econometric analysis of monthly price data suggest that a structural break occurred in the relationship between the two re- gions' product prices around the time of the har- vest restrictions leading to a more integrated market after the restrictions were imposed.