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Rational Expectations and Agricultural Policy: An Econometric Application to the U.S. Dairy Economy

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  • Thraen, Cameron S.

Abstract

The conceptual and econometric implications of the rational expectations paradigm for modelling producers' expectations are derived for a simple macro-economic model of the dairy producing sector. It is demonstrated that the parameters of the estimated reducedform equations are functions of the speafic dairy price-support rule in effect.

Suggested Citation

  • Thraen, Cameron S., 1982. "Rational Expectations and Agricultural Policy: An Econometric Application to the U.S. Dairy Economy," 1982 Annual Meeting, August 1-4, Logan, Utah 279141, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea82:279141
    DOI: 10.22004/ag.econ.279141
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    References listed on IDEAS

    as
    1. Thomas J. Sargent, 1980. "Rational expectations and the reconstruction of macroeconomics," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 4(Sum).
    2. Marc Nerlove, 1979. "The Dynamics of Supply: Retrospect and Prospect," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 61(5), pages 874-888.
    3. Wallis, Kenneth F, 1980. "Econometric Implications of the Rational Expectations Hypothesis," Econometrica, Econometric Society, vol. 48(1), pages 49-73, January.
    4. Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 19-46, January.
    5. Hoffman, Dennis L. & Schmidt, Peter, 1981. "Testing the restrictions implied by the rational expectations hypothesis," Journal of Econometrics, Elsevier, vol. 15(2), pages 265-287, February.
    6. Heien, Dale, 1977. "The Cost of the U.S. Dairy Price Support Program: 1949-74," The Review of Economics and Statistics, MIT Press, vol. 59(1), pages 1-8, February.
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