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Econometric Investigation Of The Dynamic Effects Of The 1983 Payment-In-Kind Program On The Wheat Economy

Author

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  • Wang, George C.
  • Hassler, James B.

Abstract

A stochastic, dynamic, and control-system econometric model of the wheat sector is developed to assess the effects of the Payment-in Kind program. Empirical results the complex dynamics of the responses. Reduced storage costs and deficiency payments for the U.S. government and increased income for wheat farmers are benefits from the PIK program in the short-run. Increased direct government transfers from the public to support the program were required. The long-run economic implications are not clearly desirable. This is due primarily to the highly sensitive international wheat market.

Suggested Citation

  • Wang, George C. & Hassler, James B., 1985. "Econometric Investigation Of The Dynamic Effects Of The 1983 Payment-In-Kind Program On The Wheat Economy," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 10(01), July.
  • Handle: RePEc:ags:wjagec:32521
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    File URL: http://purl.umn.edu/32521
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    References listed on IDEAS

    as
    1. Robert G. Chambers & Richard E. Just, 1981. "Effects of Exchange Rate Changes on U.S. Agriculture: A Dynamic Analysis," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 63(1), pages 32-46.
    2. Donald MacLaren, 1977. "Canadian Wheat Exports In The International Market: An Exploratory Econometric And Policy Analysis," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 25(1), pages 31-54, February.
    3. Leonall C. Andersen & Keith M. Carlson, 1970. "A monetarist model for economic stabilization," Review, Federal Reserve Bank of St. Louis, issue Apr, pages 7-25.
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