Fads Versus Fundamentals In Farmland Prices
AbstractThis paper develops an approach to decompose farmland price time series into three components: permanent fundamental component, temporary fundamental component, and nonfundamental component. This decomposition is useful for studying the importance of fundamental versus nonfundamental factors in explaining farmland price behavior and the dynamic response of farmland price to shocks to each of these components, among other issues. The approach is applied to annual Iowa farmland prices over the 1992-1994 sample period.
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Bibliographic InfoPaper provided by Iowa State University Department of Economics in its series Staff Papers with number 281.
Date of creation: Aug 1996
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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
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