Short- and Long-Run Relationship of U.S. High Fructose Corn Syrup (HFCS) Demand and Price and its Implication for the U.S. Sweetener Market: A Cointegration Analysis
2005
Lee, D.S. (Louisiana State University, Baton Rouge, LA, USA), E-mail: [email protected] | Kennedy, P. Lynn (Louisiana State University, Baton Rouge, LA, USA)
A cointegration analysis is utilized to investigate possible linkages between these markets. The study result shows that there is cointegration in a relationship including, HFCS price, the refined sugar price, and income. HFCS demand is not significantly responsive to price and income changes in the short-run, but it is responsive to these changes in the long-run, which implies that consumers eventually adjust their consumption behavior with respect to price and income. In the meantime, the refined sugar price does not affect HFCS demand in the short-run. It has positive sign and the cross elasticity in the long-run is 0.158.
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