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Dynamic Relationships Between Farm Real Estate Values and Federal Farm Program Payments

Author

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  • Shaik, Saleem
  • Miljkovic, Dragan

Abstract

This study examines the dynamic relationships among farm real estate values, farm returns, farm program payments, and real interest rates in an income capitalization model. Endogeneity is assumed among the variables in a dynamic framework because the direction of causality is unclear from a theoretical standpoint. The analysis encompasses the period beginning with the introduction of the first farm bill in 1933 and ending in 2006. Results indicate farm program payments have positive direct impacts in the short run and positive indirect impacts (via farm returns) in the long run on farm real estate values.

Suggested Citation

  • Shaik, Saleem & Miljkovic, Dragan, 2010. "Dynamic Relationships Between Farm Real Estate Values and Federal Farm Program Payments," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 35(1), April.
  • Handle: RePEc:ags:jlaare:61069
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    File URL: http://purl.umn.edu/61069
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    Cited by:

    1. Ifft, Jennifer & Wu, Shang & Kuethe, Todd, 2014. "The Impact of Pasture Insurance on Farmland Values," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 43(3), December.
    2. Gabruch, Mandy L. & Micheels, Eric T., 2017. "2016 WAEA Winning Student Submission: The Effect of Saskatchewan's Ownership Restrictions on Farmland Values," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 42(1), January.

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