Skip to main content

The Law of One Price for U.S. Softwood Lumber: A Multivariate Cointegration Test

The full text article is temporarily unavailable.

We apologise for the inconvenience. Please try again later.

The multivariate cointegration testing procedures are used to determine if there exists a single long-run equilibrium price for four softwood lumber regional markets in the United States during the period 1950-1985. The Dickey-Fuller tests reveal strong evidence for the presence of a unit root in levels of the univariate price series, but the absence of a unit root in the first-differenced series for all four U.S. regional markets. The Johansen test results support the hypothesis commonly known as the "law of one price." For. Sci. 40(4):595-600.
No References
No Citations
No Supplementary Data
No Article Media
No Metrics

Keywords: Causality test; Dickey-Fuller test; efficient arbitrage; long-term equilibrium; unit root

Document Type: Journal Article

Affiliations: Associate Professor of Economics, Ohio University

Publication date: 01 November 1994

  • Access Key
  • Free content
  • Partial Free content
  • New content
  • Open access content
  • Partial Open access content
  • Subscribed content
  • Partial Subscribed content
  • Free trial content
Cookie Policy
Cookie Policy
Ingenta Connect website makes use of cookies so as to keep track of data that you have filled in. I am Happy with this Find out more