A Re-examination of Factors Affecting United States Softwood Lumber Imports...

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英文文献：A Re-examination of Factors Affecting United States Softwood Lumber Imports from Canada-对影响美国从加拿大进口软木材的因素进行重新审查
英文文献作者：Baek, Jungho
英文文献摘要：
This paper examines the effects of the lumber price, the housing starts, and the bilateral exchange rate on U.S. softwood lumber imports from Canada in a cointegration framework. To that end, the Phillips-Hansen fully-modified cointegration (FM-OLS) procedure is applied to monthly data for the period from January 1994 through June 2009. Results show that there exists the long-run equilibrium relationship between the U.S. lumber imports from Canada and the selected macroeconomic and market variables. We also find that the U.S. lumber price and housing starts are more important than the bilateral exchange rate in influencing U.S.-Canada softwood lumber trade.

摘要本文以协整框架探讨木材价格、房屋开工率及双边汇率对美国从加拿大进口软体木材的影响。为此，将菲利普斯-汉森完全修正协整(FM-OLS)程序应用于1994年1月至2009年6月期间的月度数据。结果表明，美国从加拿大进口木材与所选择的宏观经济和市场变量之间存在长期均衡关系。我们还发现，在影响美加软木材贸易方面，美国木材价格和房屋开工比双边汇率更重要。

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