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The Economic Impact Of Crop Losses: A Computable General Equilibrium Approach

Author

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  • Sherony, Keith R.
  • Knowles, Glenn J.
  • Boyd, Roy

Abstract

The impact of crop losses on the U.S. economy are analyzed using a Computable General Equilibrium (CGE) Model. In doing so, concerns about widespread crop losses due to a global climate change or environmental event are addressed. The CGE approach allows for analysis of the interactions between supply and demand within agricultural markets as well as between these markets and the rest of the economy. The results suggest that policy responses which allow free market pricing signals to determine production mitigate the effects of an event that approximates the drought of 1988.

Suggested Citation

  • Sherony, Keith R. & Knowles, Glenn J. & Boyd, Roy, 1991. "The Economic Impact Of Crop Losses: A Computable General Equilibrium Approach," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 16(01), July.
  • Handle: RePEc:ags:wjagec:32628
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    File URL: http://purl.umn.edu/32628
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    References listed on IDEAS

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    1. Shoven, John B. & Whalley, John, 1972. "A general equilibrium calculation of the effects of differential taxation of income from capital in the U.S," Journal of Public Economics, Elsevier, vol. 1(3-4), pages 281-321, November.
    2. Emanuel Melichar, 1986. "Agricultural banks under stress," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Jul, pages 437-448.
    3. Ballard, Charles L. & Fullerton, Don & Shoven, John B. & Whalley, John, 2009. "A General Equilibrium Model for Tax Policy Evaluation," National Bureau of Economic Research Books, University of Chicago Press, edition 0, number 9780226036335, July.
    4. Beach, Robert H. & Thomson, Allison M. & McCarl, Bruce A., 2010. "Climate Change Impacts On Us Agriculture," Proceedings Issues, 2010: Climate Change in World Agriculture: Mitigation, Adaptation, Trade and Food Security, June 2010, Stuttgart- Hohenheim, Germany 91393, International Agricultural Trade Research Consortium.
    5. Vern Caddy, 1976. "Empirical Estimation of the Elasticity of Substitution : A Review," Centre of Policy Studies/IMPACT Centre Working Papers op-09, Victoria University, Centre of Policy Studies/IMPACT Centre.
    6. Robinson, Sherman & Kilkenny, Maureen & Adelman, Irma, 1989. "The Effect of Trade Liberalization in Agriculture on the U.S. Economy: Projections to 1991," Staff General Research Papers Archive 11128, Iowa State University, Department of Economics.
    7. Blandford, David & de Gorter, Harry & Harvey, David, 1989. "Farm income support with minimal trade distortions," Food Policy, Elsevier, vol. 14(3), pages 268-273, August.
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    Cited by:

    1. Wei, Yi-Ming & Mi, Zhi-Fu & Huang, Zhimin, 2015. "Climate policy modeling: An online SCI-E and SSCI based literature review," Omega, Elsevier, vol. 57(PA), pages 70-84.
    2. Glyn Wittwer & Marnie Griffith, 2011. "Modelling drought and recovery in the southern Murray‚ÄźDarling basin," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 55(3), pages 342-359, July.

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    Keywords

    Crop Production/Industries;

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