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Incorporating Policy Variables in a Model of the World Soybean/Rapeseed Market

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  • Karl D. Meilke
  • Garry R. Griffith

Abstract

Policy variables are typically treated as exogenous variables in agricultural commodity models. In this paper evidence that policy variables can be successfully endogenized in a world trade model of the soybean/rapeseed and products market is presented. Minimum price support equations are estimated for U.S., Brazilian, and Japanese soybeans, and EC and Japanese rapeseed. Macroeconomic indicator variables are used to capture the impact of nontariff barriers in Brazil and Japan domestic-world price link equations. Simulation experiments are conducted which indicate that the model with endogenous policy variables performs well in comparison with a model which treats policy exogenously.

Suggested Citation

  • Karl D. Meilke & Garry R. Griffith, 1983. "Incorporating Policy Variables in a Model of the World Soybean/Rapeseed Market," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 65(1), pages 65-73.
    • Handle: RePEc:oup:ajagec:v:65:y:1983:i:1:p:65-73.
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    Citations

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    Cited by:

    1. Denbaly, Massoud Said Mark, 1984. "U. S. monetary policy and the exchange rate: effects on the world coarse grain market," ISU General Staff Papers 198401010800008753, Iowa State University, Department of Economics.
    2. Coyle, Barry & Chambers, Robert G. & Schmitz, Andrew, 1986. "Economic Gains from Agricultural Trade: A Review and Bibliography," Miscellaneous Publications 319990, United States Department of Agriculture, Economic Research Service.
    3. Van der Sluis, Evert, 1988. "A nonlinear multicountry multicommodity spatial equilibrium model with an application," ISU General Staff Papers 1988010108000018153, Iowa State University, Department of Economics.
    4. Jiarong Qian & Shoichi Ito & Zhijun Zhao, 2020. "The effect of price support policies on food security and farmers’ income in China," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 64(4), pages 1328-1349, October.
    5. Aradhyula, Satheesh Venkata, 1989. "Policy structure, output supply and input demand for US crops," ISU General Staff Papers 198901010800009909, Iowa State University, Department of Economics.

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