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FAIR Act Implications for Land Values in the Corn Belt

Author

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  • Russell L. Lamb
  • Jason Henderson

Abstract

In 1996 the federal government enacted the Federal Agriculture Improvement and Reform (FAIR) Act, which represented a sweeping change in public policy toward agriculture. This paper examines the impact of the FAIR legislation on farmland values across the U.S. Corn Belt. A representative farm framework is used to determine the impact of FAIR on farmland values. The analysis suggests that marginal production environments are likely to suffer most severely under FAIR, and that a prolonged period of weak commodity prices could engender sharp declines in farmland values.

Suggested Citation

  • Russell L. Lamb & Jason Henderson, 2000. "FAIR Act Implications for Land Values in the Corn Belt," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 22(1), pages 102-119.
    • Handle: RePEc:oup:revage:v:22:y:2000:i:1:p:102-119.
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    File URL: http://hdl.handle.net/10.1111/1058-7195.t01-1-00009
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    Cited by:

    1. Richard J Vyn & James Rude, 2020. "The Influence of Supply Management on Farmland Values in Ontario," Applied Economic Perspectives and Policy, John Wiley & Sons, vol. 42(4), pages 815-834, December.
    2. Fabienne Femenia & Alexandre Gohin & Alain Carpentier, 2010. "The Decoupling of Farm Programs: Revisiting the Wealth Effect," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 92(3), pages 836-848.
    3. Barrett E. Kirwan, 2009. "The Incidence of U.S. Agricultural Subsidies on Farmland Rental Rates," Journal of Political Economy, University of Chicago Press, vol. 117(1), pages 138-164, February.
    4. L. Latruffe & T. Doucha & Ch. Le Mouël & T. Medonos & V. Voltr, 2008. "Capitalisation of government support in agricultural land prices in the Czech Republic," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 54(10), pages 451-460.
    5. Jason Henderson, 2008. "Will farmland values keep booming?," Economic Review, Federal Reserve Bank of Kansas City, vol. 93(Q II), pages 81-104.

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