Is Exchange Rate Pass‐Through in Pork Meat Export Prices Constrained by the Supply of Live Hogs?
研究农产品生产和销售时滞如何影响出口价格的汇率传导程度，利用加拿大对美日猪肉出口数据，发现生猪供给对部分省份出口价格有显著影响，并指出忽略生产时滞的标准模型存在设定偏误。
Abstract The impact of lags in the production and marketing of agricultural products on the degree of exchange rate pass‐through in export prices is investigated. The predictions of the theoretical model are tested by investigating Canadian pork export prices in the United States and Japan. The empirical methodology accounts for unit root and cointegration using the dynamic seemingly unrelated regression framework and a minimum distance estimator. Predetermined hog supplies have a statistically significant impact on export prices of two out of three Canadian provinces. The degree of misspecification involved with standard pass‐through models that do not account for production lags is also illustrated.