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Stabilizing the U.S. Corn Market

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  • Paul Gallagher

Abstract

This article considers stabilization policies when the government acts before and after the weather is known, uses intervention rules that exclude discretion, and considers multiple policy instruments. Simulations shed light on the benefits and costs of corn-market stabilization and the desirability of acreage control or scarcity policy. Coordinated policies consistently reduce the variability of farm prices and incomes. Further, welfare comparisons against the unregulated market are favorable for some programs. Perhaps the government should avoid joint management of acreage and inventories, though, unless there are exceptional circumstances.

Suggested Citation

  • Paul Gallagher, 1994. "Stabilizing the U.S. Corn Market," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 16(2), pages 301-319.
    • Handle: RePEc:oup:revage:v:16:y:1994:i:2:p:301-319.
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    File URL: http://hdl.handle.net/10.2307/1349471
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    Cited by:

    1. Lee, Yunkyung, 2021. "Potential market and welfare effects of genetically edited technology in U.S. soybean production," 2021 Annual Meeting, August 1-3, Austin, Texas 314058, Agricultural and Applied Economics Association.
    2. Lee, Yunkyung & Perrin, Richard K. & Fulginiti, Lilyan E., 2022. "Potential Economic Impacts of Gene-edited High-oleic Soybeans," 2022 Annual Meeting, July 31-August 2, Anaheim, California 322392, Agricultural and Applied Economics Association.

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