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Documentation of a Dynamic and Simultaneous Econometric Model of the U.S. Dairy Industry

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  • Bailey, Kenneth W.
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    Abstract

    The objective of this report is to publish a monthly forecasting tool of the U.S. dairy industry. This model forecasts the milk supply as well as the supply and demand for American cheese, Other cheese, butter, nonfat dry milk, and dry whey. Trade is presently exogenous to the model, but can be endogenized at a later date. The principal use of the model will be for forecasting purposes, thus we settled on a monthly frequency for the data. We delve into the complexities of the U.S. dairy industry using rich data sources. Our objective is clearly focused on developing an initial forecasting tool.

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    File URL: http://purl.umn.edu/48653
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    Bibliographic Info

    Paper provided by Pennsylvania State University, Department of Agricultural Economics and Rural Sociology in its series Staff Paper Series with number 48653.

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    Date of creation: Mar 2009
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    Handle: RePEc:ags:psusps:48653

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    Related research

    Keywords: Econometric model; U.S. Dairy Industry; Forecasting Model; Agribusiness; Marketing;

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    1. Liu, Donald J. & Kaiser, Harry M. & Mount, Timothy D. & Forker, Olan D., 1990. "Modeling the U.S. Dairy Sector with Government Intervention," Staff Papers 121543, Cornell University, Department of Applied Economics and Management.
    2. Liu, Donald J. & Sun, Chin-Hwa & Kaiser, Harry M., 1995. "Market Conduct Under Government Price Intervention In The U.S. Dairy Industry," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 20(02), December.
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