Rebecca Zanello, Papa Yaw Owusu, G. Cornelis van Kooten
{"title":"Estimating the Effects of Covid-19 and Softwood Lumber Prices","authors":"Rebecca Zanello, Papa Yaw Owusu, G. Cornelis van Kooten","doi":"10.1561/112.00000571","DOIUrl":null,"url":null,"abstract":"<p>During the Covid-19 pandemic, markets observed unprecedented changes in U.S. and Canadian softwood lumber prices and their volatility. In this paper, we employ an event-based model to estimate the impact of Covid-19 on the prices of softwood lumber, utilizing a Regression Discontinuity design model to investigate the potential causal effect of Covid-19 on softwood lumber prices. Our econometric analyses serve to provide evidence that softwood lumber price increases during the pandemic were not completely random but could instead be attributed in part to variations in recent global and regional events. Our research highlights the need for the adoption of robust and adaptable strategies and provision of information important for risk assessment and decision-making in industries that rely on softwood lumber inputs.</p>","PeriodicalId":54831,"journal":{"name":"Journal of Forest Economics","volume":"1 1","pages":""},"PeriodicalIF":0.7000,"publicationDate":"2024-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Forest Economics","FirstCategoryId":"97","ListUrlMain":"https://doi.org/10.1561/112.00000571","RegionNum":4,"RegionCategory":"农林科学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
During the Covid-19 pandemic, markets observed unprecedented changes in U.S. and Canadian softwood lumber prices and their volatility. In this paper, we employ an event-based model to estimate the impact of Covid-19 on the prices of softwood lumber, utilizing a Regression Discontinuity design model to investigate the potential causal effect of Covid-19 on softwood lumber prices. Our econometric analyses serve to provide evidence that softwood lumber price increases during the pandemic were not completely random but could instead be attributed in part to variations in recent global and regional events. Our research highlights the need for the adoption of robust and adaptable strategies and provision of information important for risk assessment and decision-making in industries that rely on softwood lumber inputs.
期刊介绍：
The journal covers all aspects of forest economics, and publishes scientific papers in subject areas such as the following:
forest management problems: economics of silviculture, forest regulation and operational activities, managerial economics;
forest industry analysis: economics of processing, industrial organization problems, demand and supply analysis, technological change, international trade of forest products;
multiple use of forests: valuation of non-market priced goods and services, cost-benefit analysis of environment and timber production, external effects of forestry and forest industry;
forest policy analysis: market and intervention failures, regulation of forest management, ownership, taxation;
land use and economic development: deforestation and land use problem, national resource accounting, contribution to national and regional income and employment.
forestry and climate change: using forestry to mitigate climate change, economic analysis of bioenergy, adaption of forestry to climate change.
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