Over the last half century in the United States, the per-hectare volume of wood in trees has increased, but it is not clear whether this increase has been driven by forest management, forest recovery from past land uses, such as agriculture, or other environmental factors such as elevated carbon dioxide, nitrogen deposition, or climate change. This paper uses empirical analysis to estimate the effect of elevated carbon dioxide on aboveground wood volume in temperate forests of the United States. To accomplish this, we employ matching techniques that allow us to disentangle the effects of elevated carbon dioxide from other environmental factors affecting wood volume and to estimate the effects separately for planted and natural stands. We show that elevated carbon dioxide has had a strong and consistently positive effect on wood volume while other environmental factors yielded a mix of both positive and negative effects. This study, by enabling a better understanding of how elevated carbon dioxide and other anthropogenic factors are influencing forest stocks, can help policymakers and other stakeholders better account for the role of forests in Nationally Determined Contributions and global mitigation pathways to achieve a 1.5 degree Celsius target.
Previous research on bank deregulation has supported the idea that interstate banking deregulation lowered the cost of credit and increased the net farm income. This analysis builds on that base by investigating whether the agricultural loan delinquency volume was also affected. Using a panel data fixed effects approach, deregulation was found to be associated with changes in the volume of delinquencies: interstate banking deregulation reduced the volume of production loan delinquencies, and de novo branching deregulation increased both production and real-estate loan delinquencies. Thus, deregulation’s outcome is not clear cut: interstate banking reduced farm financial stress but de novo deregulation increased it.
Since 2018, Japan has ratified trade agreements that generate both challenges and opportunities for U.S. beef exporters. Using the Global Trade Analysis Project model, USDA, Economic Research Service researchers estimate that after 10 years Japan's imports of beef products will have increased by 26.6 percent, and Japan's production of beef products will have decreased by 17.2 percent. U.S. beef export values to Japan are estimated to increase $413.8 million.
Since the turn of the century, Japan has relied on domestic pork production to supply around half of its pork consumption. In part, this production has been aided by import barriers that have helped shield domestic pork producers from foreign competition. Between 2018 and 2021, Japan ratified trade agreements with the United States, European Union, United Kingdom, and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) countries that will virtually eliminate these import barriers by 2028. With essentially all of Japan’s pork imports coming from these trade agreement partners, Japan’s pork market could change considerably in the next 6 years, with imports taking a larger share of domestic consumption. For the United States, this change is estimated to lead to an additional $281 million worth of pork exports to Japan. This report uses a global economic model to estimate the impacts of these trade agreements. Results from the Global Trade Analysis Project (GTAP) model suggest that when the trade agreements are fully implemented in 2028, there could be a 3.6- to 13.9- percent increase in pork imports into Japan in 2028 relative to 2018 levels. This increased exposure to foreign competition could also reduce Japan’s pork production between 4.2 and 11.8 percent
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