Is exchange rate pass-through in pork meat export prices constrained by the supply of live hogs?

[[beta].sup.j, JP] Capacity, [[lambda].sup.j] -0.958 -14.48 Hog price, [[phi].sup.j] 0.016 0.21 Adjusted [R.sup.2] 0.79 Jarque-Bera normality test 0.47 Significance of predetermined Wald test p-value

hog supplies [H.sub.0] : [[beta].sup.j, US] = 121.81 0.000

[[lambda].sup.j] = 0

Manitoba Variable Coefficient t-Statistic Constant 0.456 2.02 U.S. exchange rate, 0.977 13.96

[[beta].sup.j, US] Japan exchange rate, -0.906 -7.59

[[beta].sup.j, JP] Capacity, [[lambda].sup.j] 0.155 2.18 Hog price, [[phi].sup.j] 0.086 1.08 Adjusted [R.sup.2] 0.45 Jarque-Bera normality test 34.11 Significance of predetermined Wald test p-value

hog supplies [H.sub.0] : [[beta].sup.j, US] = 40.15 0.000

[[lambda].sup.j] = 0

Ontario Variable Coefficient t-Statistic Constant 1.990 9.68 U.S. exchange rate, -0.465 -4.15

[[beta].sup.j, US] Japan exchange rate, 1.008 5.79

[[beta].sup.j, JP] Capacity, [[lambda].sup.j] -0.307 -5.58 Hog price, [[phi].sup.j] 0.183 3.76 Adjusted [R.sup.2] 0.66 Jarque-Bera normality test 15.73 Significance of predetermined Wald test p-value

hog supplies [H.sub.0] : [[beta].sup.j, US] = 29.69 0.000

[[lambda].sup.j] = 0 Note: The adjusted [R.sup.2] is computed from the first-step unrestricted model estimated with DOLS. The Jarque-Bera statistic is computed using the pre-whitened residuals obtained from the DOLS procedure. The test statistic follows a chi-squared distribution with two degrees of freedom under the null hypothesis that the residuals are normally distributed. The Wald statistics follow a chi-squared distribution with two degrees of freedom. Table 4. Coefficients of the ERPT Standard Specification That Does Not Account for Predetermined Supplies

United States

Quebec Variables Coefficient t-Statistic Constant 0.236 22.57 U.S. exchange rate, [[beta].sup.j, US] -0.546 -13.48 Hog price, [[phi].sup.j] 0.535 12.14

United States

Manitoba Variables Coefficient t-Statistic Constant 0.181 16.75 U.S. exchange rate, [[beta].sup.j, US] -0.403 -9.60 Hog price, [[phi].sup.j] 0.698 14.42

United States

Ontario Variables Coefficient t-Statistic Constant 0.226 23.33 U.S. exchange rate, [[beta].sup.j, US] -0.668 -19.10 Hog price, [[phi].sup.j] 0.556 14.41

Japan

Quebec Variable Coefficient t-Statistic Constant 0.750 5.83 Japan exchange rate, [[beta].sup.j, JP] 0.620 9.55 Hog price, [[phi].sup.j] 0.281 3.83

Japan

Manitoba Variable Coefficient t-Statistic Constant 0.751 5.82 Japan exchange rate, [[beta].sup.j, JP] 0.029 0.44 Hog price, [[phi].sup.j] 0.078 1.01

Japan

Ontario Variable Coefficient t-Statistic Constant 0.727 8.44 Japan exchange rate, [[beta].sup.j, JP] 0.261 0.22 Hog price, [[phi].sup.j] 0.251 5.23