Policymaking for U.S. commodity programs: a case study of the coarse grains sector
1986
Dixit, P.M. | Martin, M.A.
Extract: The authors used an econometric model of the U.S. coarse grains sector to demonstrate the extent to which commodity program loan rates and price support levels are based on market forces. Their analysis shows that policy is changed cautiously in response to short-term shifts in the economic environment but that the response is likely to be quicker when the shifts originate in the domestic market than in the export market. The authors' results also indicate that a moving average method of determining loan rates would lead to lower domestic and world market prices and provide greater shortrun stability to the U.S. agricultural sector.
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