Structural Change via Threshold Effects: Estimating U.S. Meat Demand Using Smooth Transition Functions
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Structural change remains a contentious issue in the literature. This study
focuses on analyzing structural change in consumer demand for meats, which
are modeled over the past half century. A standard inverse demand model
is combined with a variant of the Smooth Transition Autoregressive (STAR)
model. Results indicate that structural change has occurred and that con-
sumers' preferences for meat are sensitive to in
ation.