SPOTTED OWL PROTECTION,BOOMING HOUSING MARKET,AND LOG PRICE CHANGES IN THE PACIFIC NORTHWEST |
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| Authors: | RUNSHENG YIN |
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| Institution: | Department of Forestry 110 Natural Resources Building Michigan State University East Lansing, MI 48824 E-mail: yinr@msu.edu |
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| Abstract: | ABSTRACT. In this paper we assess the impacts of the federal policy shifts and the booming housing market on log price changes in the Pacific Northwest. Our intervention analysis and causality test indicate that both factors have affected the log market dynamics. Our further estimation shows that at least 71% of the log price movements might have been caused by the policy shifts induced by the spotted owl debate, with the remaining caused by lumber price changes driven by the booming housing market. We also discuss the implications of our results for understanding policy decision and market behavior. |
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