Modeling U.S. Soy-Based Markets with Directed Acyclic Graphs and Bernanke Structural VAR Methods: The Impacts of High Soy Meal and Soybean Prices

Advanced methods that combine directed acyclic graphs with Bernanke structural vector autoregression models are applied to a monthly system of three U.S. soy-based markets: for soybeans upstream and for the two soybean co-products soy meal and soy oil further downstream. Analyses of the impulse-response function and forecast error variance decompositions provide updated estimates of market-elasticity parameters that drive these markets and updated policy-relevant information on how these monthly markets run and dynamically interact. Results characterize impacts on the three U.S. soy-based markets of increases in U.S. prices of soy meal and soybeans.


Issue Date:
2004-11
Publication Type:
Journal Article
Record Identifier:
http://ageconsearch.umn.edu/record/27559
PURL Identifier:
http://purl.umn.edu/27559
Published in:
Journal of Food Distribution Research, 35, 3
Page range:
29-52
Total Pages:
24




 Record created 2017-04-01, last modified 2018-11-28

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