| 초록 |
There are two types of demand for a female cattle: as a productive asset and a consumer good depending upon the price changes. And such response is lagged due to the nature of the underlying production process. This study analyzed the nature of the lagged supply response of Hanwoo(Korean native cattle) breeding farms using a polynomial distributed lag model. The results revealed that the slaughter of female animal decreases as the ratio of calf to feed price soars and vice versa. And the greatest negative impact appears in the first period followed by cyclical variations over time. This implies that the impact of a price change is not independent of beef cycle in the long-run. Both the long-run an short-run supply elasticities of female cattle turned out to be -1.470 and -0.217, respectively. And this result was very similar to that obtained by Nerlove's(1956) partial adjustment model.
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