U.S. Farm Policy and the Variability of Commodity Prices and Farm Revenues

dc.contributor.author Hayes, Dermot
dc.contributor.author Lence, Sergio
dc.contributor.department Center for Agricultural and Rural Development
dc.date 2018-02-16T12:56:40.000
dc.date.accessioned 2020-06-30T01:03:38Z
dc.date.available 2020-06-30T01:03:38Z
dc.date.embargo 2015-06-14
dc.date.issued 2000-03-01
dc.description.abstract <p>Historically, the U.S. government has had a substantial involvement in the agricultural sector. Lence and Hayes use a dynamic, three-commodity, rational-expectations storage model to compare the impact of the Federal Agricultural Improvement and Reform (FAIR) Act of 1996 with a free-market policy and with the agricultural policies that preceded the FAIR Act. They show that the transitional payments created to replace the pre-FAIR deficiency payments are much lower than the payments they replaced, which does reduce farm revenues. An important finding of the study is that the main economic impacts of the pre-FAIR scenario, relative to the free-market regime, were to transfer income to farmers and to substitute government storage for private storage in a way that did little to distort prices or to stabilize farm incomes.</p>
dc.identifier archive/lib.dr.iastate.edu/card_workingpapers/285/
dc.identifier.articleid 1264
dc.identifier.contextkey 7213874
dc.identifier.s3bucket isulib-bepress-aws-west
dc.identifier.submissionpath card_workingpapers/285
dc.identifier.uri https://dr.lib.iastate.edu/handle/20.500.12876/12615
dc.source.bitstream archive/lib.dr.iastate.edu/card_workingpapers/285/00wp239.pdf|||Fri Jan 14 23:11:24 UTC 2022
dc.subject.disciplines Agricultural and Resource Economics
dc.subject.disciplines Agricultural Economics
dc.subject.disciplines Economics
dc.subject.keywords FAIR Act
dc.subject.keywords farm prices
dc.subject.keywords free-market policy
dc.subject.keywords rational-expectations storage model
dc.subject.keywords revenue
dc.title U.S. Farm Policy and the Variability of Commodity Prices and Farm Revenues
dc.type article
dc.type.genre article
dspace.entity.type Publication
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