Haugh and Box (1977) and Pierce (1977) presented dynamic regression (transfer function) procedures for examining possible interrelationships among more than one time series variable. This report employs these procedures in an empirical analysis of U.S. relative lumber prices, U.S. housing starts, and U.S. log exports to Japan.
The reduction in...
In the last 20 years, a considerable volume of literature has emerged with respect to the efficacy of the market place in the allocation of water resources. Economists have been very willing to apply their tools of optimization in a comparative statics framework to indicate that any resource can be...