Timber Restrictions, Financial Crisis, and Price Transmission in North American Softwood Lumber Markets
研究1978至2011年北美三大软木产区（美国南部、西部和加拿大）间的价格传导机制，发现价格调整是非线性和不对称的，且1991-1993年联邦木材限制对短期价格调整的影响比2008-2009年全球金融危机更显著。
Competition among the South, the West, and Canada as major softwood lumber production regions has been affected by timber resource endowments, public land policies, and the general economy. To assess spatial price linkages, a threshold vector error correction model is applied on softwood lumber prices from 1978 to 2011. Price transmission is found to be nonlinear and asymmetric. The South is more adaptive to price disequilibrium. Short-term price adjustments are more sophisticated over the period of 1991 to 1993 related to the federal timber restrictions than over the period of 2008 to 2009 related to the global financial crisis. <i></i>