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Origin of Production Shocks, Agricultural Price Spikes and Trade Policy

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  • Wenshou Yan
  • Guoqu Deng

Abstract

This paper incorporates exogenous production shocks into short‐run policy making process, and altruism is introduced into government utility functions under cooperative policy making scenario. The results reveal that the noisy signal from production shocks and government's self‐interested behaviors consist of the main barriers to make cooperative trade negotiations between agricultural importers and exporters. Finally, the project puts forward that domestic public storage policy is a feasible way for storable agricultural products to buffer production shocks and to stabilize domestic price in the context of agricultural price fluctuations with high frequency, and limited function of the WTO with respect to restricting governments' trade policies.

Suggested Citation

  • Wenshou Yan & Guoqu Deng, 2019. "Origin of Production Shocks, Agricultural Price Spikes and Trade Policy," Manchester School, University of Manchester, vol. 87(1), pages 81-102, January.
    • Handle: RePEc:bla:manchs:v:87:y:2019:i:1:p:81-102
    DOI: 10.1111/manc.12219
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    Cited by:

    1. Wenshou Yan & Kaixing Huang, 2022. "Geographic politics, loss aversion and trade policy: The case of cotton in China," The World Economy, Wiley Blackwell, vol. 45(9), pages 2854-2881, September.
    2. Wenshou Yan & Yan Cai & Faqin Lin & Dessie Tarko Ambaw, 2021. "The Impacts of Trade Restrictions on World Agricultural Price Volatility during the COVID‐19 Pandemic," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 29(6), pages 139-158, November.
    3. Sarbajit Chaudhuri & Krishnendu Ghosh Dastidar & Sushobhan Mahata, 2022. "Cronyism and corruption in India: A game theoretic analysis," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(6), pages 2607-2618, September.

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