Modern Time Series Analysis in Forest Products Markets

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This volume comprises fifteen papers exploring the consequences of applying modern time-series methods, particularly co-integrated time-series for the analysis of forest economics problems. The methods represent the forefront of econometrics in this area. An introductory paper explains the econometrics of unit-root processes. Much of what follows in the other papers depends upon only a few of the ideas presented in the introduction. The volume includes tests of the Law of One Price, land valuation models, demand and supply models, Granger-causality, and forecast models. The reader will learn a great deal about forest economies, particularly in Northern Europe, and about the practical use of modern time-series methods. The methods presented are applicable to other fields of economics. The volume is aimed at researchers in applied economics and as a supplement to (advanced) theoretical textbooks, mainly in natural resource economics.