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A Quarterly Econometric Model of United States Livestock and Feed Grain Markets and Some of Its Policy Implications
Author(s) -
Arzac Enrique R.,
Wilkinson Maurice
Publication year - 1979
Publication title -
american journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.949
H-Index - 111
eISSN - 1467-8276
pISSN - 0002-9092
DOI - 10.2307/1239734
Subject(s) - economics , commodity , econometric model , livestock , autoregressive model , yield (engineering) , econometrics , government (linguistics) , agricultural economics , simultaneous equations model , macroeconomics , market economy , ecology , linguistics , philosophy , materials science , metallurgy , biology
This paper discusses the structural equations, forecasting properties, dynamic characteristics, and economic policy implications of a quarterly econometric model of U.S. livestock and feedgrain markets. Quarterly, semi‐annual, and annual endogenous variables are incorporated by allowing individual structural equations to be estimated and to enter into the solution of the model with different periodicities. Commodity prices are determined by market equilibrium conditions rather than by autoregressive and other time‐series techniques. Dynamic multipliers give the effect of changes in corn exports, beef imports, government grain stocks, corn yield, consumer income, and the support price for corn on producer and retail prices and acreage planted.