Short‐Run Supply Responses in the U.S. Beef‐Cattle Industry
构建动态理性预期模型，区分育肥牛与未育肥牛市场，研究牛肉生产者对价格变化的短期供给反应，发现供给反应通常为正，负反应仅在特定需求冲击下出现。
Abstract This article investigates the response of beef‐cattle producers to changes in the price of cattle. Previous research has suggested that there may be a negative short‐run supply response to a permanent increase in the price of cattle. We build a dynamic, rational expectations model that separates the markets for fed and unfed beef. This separation generates predictions that the supply response is generally positive, even for permanent shocks in the short run, and nests the negative supply response as a special case for appropriately restricted demand shocks.