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Returns, Interest Rates, and Inflation: How They Explain Changes in Farmland Values

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  • Charles B. Moss

Abstract

Weather in the Corn Belt and northern plains and the elimination of traditional commodity programs have refocused attention on farmland valuation. This study uses a statistical formulation of information provided by individual regressors to examine the sensitivity of farmland values to changes in inflation, returns on agricultural assets, and the cost of capital. The results indicate that inflation provides the most information on changes in farmland values; however, the regional results indicate that regions that tend to be more sensitive to changes in the return on agricultural assets also rely more heavily on government payments. Copyright 1997, Oxford University Press.

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Bibliographic Info

Article provided by Agricultural and Applied Economics Association in its journal American Journal of Agricultural Economics.

Volume (Year): 79 (1997)
Issue (Month): 4 ()
Pages: 1311-1318

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Handle: RePEc:oup:ajagec:v:79:y:1997:i:4:p:1311-1318

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Cited by:
  1. Wang, Haoying, 2013. "The Spatial Structure of Farmland Values: A Semiparametric Approach," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 150330, Agricultural and Applied Economics Association.
  2. Henderson, Jason R. & Gloy, Brent A., 2008. "The Impact of Ethanol Plants on Cropland Values in the Great Plains," Working Papers 51080, Cornell University, Department of Applied Economics and Management.
  3. Giuliani, Gianluca & Rieder, Peter, 2003. "Landwirtschaftlicher Bodenmarkt - Dominanz der nicht-landwirtschaftlichen uber die landwirtschaftlichen Faktoren?," Agrarwirtschaft und Agrarsoziologie/ Economie et Sociologie Rurales, Swiss Society for Agricultural Economics and Rural Sociology, issue 1.
  4. Perry, Gregory M. & Robison, Lindon J., 1999. "Personal Relationships: Do They Influence The Sale Price Of Land?," 1999 Annual Meeting, July 11-14, 1999, Fargo, ND 35685, Western Agricultural Economics Association.
  5. Henderson, Jason R. & Gloy, Brent A., 2008. "The Impact of Ethanol Plants on Land Values in the Great Plains," Proceedings: 2007 Agricultural and Rural Finance Markets in Transition, October 4-5, 2007, St. Louis, Missouri 48148, Regional Research Committee NC-1014: Agricultural and Rural Finance Markets in Transition.
  6. Mishra, Ashok K. & Moss, Charles B. & Erickson, Kenneth W., 2004. "Effect Of Debt Solvency On Farmland Values: A Panel Cointegration Approach," 2004 Annual meeting, August 1-4, Denver, CO 20261, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  7. Flores-Lagunes, Alfonso & Moss, Charles B., 2008. "State Level Evidence of the Boom/Bust Cycle for Farmland," Proceedings: 2007 Agricultural and Rural Finance Markets in Transition, October 4-5, 2007, St. Louis, Missouri 48146, Regional Research Committee NC-1014: Agricultural and Rural Finance Markets in Transition.
  8. Ashok Mishra & Charles Moss & Kenneth Erickson, 2004. "Valuing farmland with multiple quasi-fixed inputs," Applied Economics, Taylor & Francis Journals, vol. 36(15), pages 1669-1675.
  9. Jason Henderson & Brent A. Gloy, 2008. "The impact of ethanol plants on cropland values in the Great Plains," Regional Research Working Paper RRWP 08-01, Federal Reserve Bank of Kansas City.
  10. Guiling, Pam & Brorsen, B. Wade & Doye, Damona G., 2007. "How Much Influence Does Recreation Have on Agricultural Land Values?," 2007 Annual Meeting, February 4-7, 2007, Mobile, Alabama 34947, Southern Agricultural Economics Association.
  11. Jason Henderson & Sean Moore, 2005. "The impact of wildlife recreation on farmland values," Research Working Paper RWP 05-10, Federal Reserve Bank of Kansas City.
  12. Todd Kuethe & Todd Hubbs & Mitch Morehart, 2014. "Farmland returns and economic conditions: a FAVAR approach," Empirical Economics, Springer, vol. 47(1), pages 129-142, August.
  13. Moss, Charles B. & Mishra, Ashok K. & Dedah, Cheikhna O., 2009. "Decomposing Agricultural Profitability Using DuPont Expansion and Theil’s Information Approach," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin 49524, Agricultural and Applied Economics Association.

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