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The Political Economy of the 2014 Farm Bill

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  • Orden, David
  • Zulauf, Carl R.

Abstract

This article assesses the political economy of the 2014 farm bill, which eliminated annual fixed direct payments but offers enhanced downside risk protection against low prices or declining revenue. The farm bill secured substantial bipartisan majorities in a politically contentious Congress. The countercyclical structure of U.S. support is reaffirmed and crop insurance is enhanced as a safety net pillar. Open policy issues include the distribution of benefits among crops, the design of multiple year support around moving-average revenue benchmarks versus fixed references prices, and questions related to crop insurance, including the overall level of premium subsidies. In an international context, we conclude the 2014 farm safety net likely would not have been enacted had multilateral agreement been reached on the 2008 Doha Round negotiating documents; conversely, the 2014 farm bill makes achieving those limits more difficult.

Suggested Citation

  • Orden, David & Zulauf, Carl R., 2015. "The Political Economy of the 2014 Farm Bill," 2015 Allied Social Sciences Association (ASSA) Annual Meeting, January 3-5, 2015, Boston, Massachusetts 189692, Agricultural and Applied Economics Association.
  • Handle: RePEc:ags:assa15:189692
    DOI: 10.22004/ag.econ.189692
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    File URL: http://ageconsearch.umn.edu/record/189692/files/Orden_%20D.pdf
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    References listed on IDEAS

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    1. Goodwin, Barry K., 1994. "Premium Rate Determination In The Federal Crop Insurance Program: What Do Averages Have To Say About Risk?," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 19(2), pages 1-14, December.
    2. Kym Anderson & Gordon Rausser & Johan Swinnen, 2013. "Political Economy of Public Policies: Insights from Distortions to Agricultural and Food Markets," Journal of Economic Literature, American Economic Association, vol. 51(2), pages 423-477, June.
    3. Nathan P. Hendricks & Daniel A. Sumner, 2014. "The Effects of Policy Expectations on Crop Supply, with an Application to Base Updating," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 96(3), pages 903-923.
    4. Zulauf, Carl R. & Demircan, Vecdi & Scnhitkey, Gary & Barnaby, Glenn Arthur, Jr. & Ibendahl, Gregg & Herbel, Kevin, 2013. "Examining Contemporaneous Farm and County Losses Using Farm Level Data," 2013 AAEA: Crop Insurance and the Farm Bill Symposium 157812, Agricultural and Applied Economics Association.
    5. Joseph Cooper & Carl Zulauf & Michael Langemeier & Gary Schnitkey, 2012. "Implications of within county yield heterogeneity for modeling crop insurance premiums," Agricultural Finance Review, Emerald Group Publishing, vol. 72(1), pages 134-155, May.
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    Cited by:

    1. Karin Heinschink & Franz Sinabell & Thomas Url, 2017. "Elements of an Index-based Margin Insurance. An Application to Wheat Production in Austria," WIFO Working Papers 536, WIFO.

    More about this item

    Keywords

    Agricultural and Food Policy; Crop Production/Industries; Livestock Production/Industries;

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