Estimating Intertemporal Supply Response in the Fed Beef Market
用月度滞后结构的局部调整模型，估计育肥牛市场的跨期供给行为，发现短期供给并非固定，供给弹性随时间由负转正。
Abstract A partial adjustment model with monthly lag structures on expected output and input prices is used to estimate intertemporal supply behavior of fed beef. Previous research has provided conflicting supply elasticities. The present work reconciles the conflicts by integrating different lengths of run into cattle marketing and placement decisions. For example, the model dynamics incorporate short‐run changes in cattle asset values and long‐run adjustments in resource use. Empirical results provide no evidence of short‐run supply fixity; supply elasticities switch from negative to positive over time.