Alternative Subsidy Reduction Paths: Commodity, Fiscal, and Monetary Policy Linkages
AbstractIn the case of the U.S. agricultural policy, this paper shows how governmental intervention can be formally incorporated in a conditional-vector-error-correcting model. From the resulting theoretical framework and empirical analysis, formal hypotheses are tested regarding both forward and backward linkages among money, exchange rates, and agricultural and nonagricultural markets. Consistent with the current Uruguay Round of the GATT negotiations, a number of policy simulations are conducted with the constructed empirical model. Phased reductions in the degree of subsidization in the U.S. agricultural sector are shown, through these policy simulations, to alter the feedback effects from money to prices as well as the dynamic path for exchange rates.
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Bibliographic InfoPaper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 403.
Date of creation: 01 Jan 1992
Date of revision:
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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
Web page: http://www.econ.iastate.edu
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Other versions of this item:
- Pier-Giorgo Ardeni & Gordon C. Rausser, 1992. "Alternative Subsidy Reduction Paths: Commodity, Fiscal, and Monetary Policy Linkages," Food and Agricultural Policy Research Institute (FAPRI) Publications 90-gatt10, Food and Agricultural Policy Research Institute (FAPRI) at Iowa State University.
- Pier-Giorgo Ardeni & Gordon C. Rausser, 1992. "Alternative Subsidy Reduction Paths: Commodity, Fiscal, and Monetary Policy Linkages," Center for Agricultural and Rural Development (CARD) Publications 90-gatt10, Center for Agricultural and Rural Development (CARD) at Iowa State University.
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