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An Econometric Model of Farmers' Demand For Commodity Credit Corporation Loans

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  • Golden, Michael
  • Burman, Leonard

Abstract

Commodity Credit Corporation (CCC) price support loan activity has important implications for U.S. Treasury outlays. In 1977, CCC purchases of agricultural commodities (the vast majority of which were in the form of support loans) amounted to $3.9 billion. In other words, roughly 25 percent of federal purchases of nondurable goods, or 2.7 percent of all federal purchases, arose from CCC commodity transactions. In 1976, CCC purchases were $900 million, only about 9.5 percent of federal purchases of nondurables and 0.7 percent of total federal purchases of goods and services. Furthermore, the quarterly pattern of the series is extremely volatile, with swings often exceeding $500 million in a single quarter. In the six years between 1972 and 1977, nominal CCC purchases were negative in each of the first three years and positive in the last three.

Suggested Citation

  • Golden, Michael & Burman, Leonard, 1979. "An Econometric Model of Farmers' Demand For Commodity Credit Corporation Loans," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 11(2), pages 47-55, December.
    • Handle: RePEc:cup:jagaec:v:11:y:1979:i:02:p:47-55_01
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    Cited by:

    1. Schouten, Duane & Meyers, William H., 1985. "Endogenizing Loan Activity in an Inventory Model for U.S. Corn," 1985 Annual Meeting, August 4-7, Ames, Iowa 278509, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. Westcott, Paul C. & Hull, David B., 1985. "A Quarterly Forecasting Model for U.S. Agriculture," Technical Bulletins 156815, United States Department of Agriculture, Economic Research Service.
    3. Schouten, Duane, 1985. "An analysis of corn loan and reserve program provisions using endogenous loan and reserve behavioral models," ISU General Staff Papers 1985010108000018103, Iowa State University, Department of Economics.

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