Hog Cycles and Countercyclical Production Response
The cycle in prices and output is not a permanent fixture of the pork industry. Exogenous shocks occasionally give rise to predictable cycles in pork prices, but these are eventually eliminated in a manner that is consistent with the existence of countercyclical producers. It normally takes several revolutions of the cycle before a sufficient number of countercyclical producers notice that a cycle has begun and are able to alter their production patterns sufficiently to eliminate it. Consequently, the more compelling the evidence is in favor of a cycle the less likely it is to continue.
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|Date of creation:||01 Nov 1987|
|Date of revision:|
|Publication status:||Published in American Journal of Agricultural Economics, November 1987, vol. 69 no. 4, pp. 762-770|
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