Dynamics and Long-run Structure in U.S. Meat Demand
T. Kesavan, Zuhair A. Hassan, Helen H. Jensen, Stanley R. Johnson
April 1988 [88-WP 38]
Kesavan, T., Z.A. Hassan, H.H. Jensen, and S.R. Johnson. 1988. "Dynamics and Long-run Structure in U.S. Meat Demand." Working paper 88-WP 38. Center for Agricultural and Rural Development, Iowa State University.
Empirical analysis, based on a general dynamic Almost Ideal Demand System, shows the commonly used autoregressive and partial adjustment processes are restrictive to meat demand data. This study derives a linear specification in levels form to investigate dynamics in a general framework. Merging a long-run steady state structure with short-run dynamics results in consistent and robust long-run demand elasticities.
Journal article in Canadian Journal of Agricultural Economics 41 (1993), 139-153.