미국High Fructose Corn Syrup (HFCS) 소비와 가격의 장단기 관계와 스위트너(Sweetener) 시장에 미치는 영향

Short- and Long-Run Relationship of U.S. High Fructose Corn Syrup (HFCS) Demand and Price and its Implication for the U.S. Sweetener Market: A Cointegration Analysis

A cointegration analysis is utilized to investigate possible linkages between these markets. The study result shows that there is cointegration in a relationship including, HFCS price, the refined sugar price, and income. HFCS demand is not significantly responsive to price and income changes in the short-run, but it is responsive to these changes in the lone-run, which implies that consumers eventually adjust their consumption behavior with respect to price and income. In the meantime, the refined sugar price does not affect HFCS demand in the short-run. It has positive sign and the cross elasticity in the long-run is 0.158.