Is there a single national lumber market in the United States?
2005
Yin, R. | Baek, J.
This article revisits the question of whether the law of one price (LOP) holds for the United States lumber markets, with the most disaggregate data and a large number of price combinations for different products, regions, and species. We also paid close attention to issues related to how we should conduct unit root tests with a potential structural break, whether we should include intercept and time trend in a co-integration model, and what lag length should be chosen. After exhaustive investigations, we find overwhelming evidence supporting the LOP for the entire United States softwood lumber market. We believe that this finding has profound implications on our market modeling and policy analysis.
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