Document Type

Article

Journal/Book Title/Conference

Economics Research Institute Study Paper

Volume

19

Publisher

Utah State University Department of Economics

Publication Date

1997

First Page

1

Last Page

32

Abstract

The study investigated the nature of price innovations, based on the pattern exhibited in the price series, using a random walk and a composite deterministic trend/random walk model. The random walk model failed to unfold the underlying patterns. The composite model indicated that shocks to prices of utility slaughter cows were temporary regardless of the region, while shocks to prices of steers and heifers were either temporary, persistent but stable, or persistent and explosive depending on the region and cattle class. Shocks to prices of cattle in Iowa, in particular, were temporary regardless of the cattle class.


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