This paper addresses the economic feasibility and impacts on U.S. agriculture of establishing a biomass crops industry capable of producing 8 quads methanol or 9.4 quads ethanol by the year 2030 from grasses grown as biomass feedstocks. The results suggest that such an industry could become...

Traditional time series models assume a constant conditional variance. Realizing the implausibility of this assumption, Bollerslev proposed Generalized Autoregressive Conditional Heteroscedasticity (GARSH) processes, which are characterized by nonconstant conditional variances. In this paper,...

Price expectations are an integral part of agricultural decision making. Despite recognition of this fact, few changes have been made during the past two decades in the way price expectations appear in agricultural models. For example, the majority of existing supply response studies has assumed...

Various measures have been proposed to "harmonize" agricultural policies in the United States and the European Community. Short-run and long-run consequences of implementing three such measures are evaluated using econometric models developed by the Food and Agricultural Policy Research...

The effects of exchange rate and capital stock changes are analyzed using a CGE model for the United States. The model is in the Walrasion tradition and is calibrated to 1982 data. Results indicate that a devaluation of the U.S. dollar has a positive effect on the agricultural sector and balance...

This study examines the empirical implications of extending the rational expectations hypothesis (REH) to include price uncertainty. Unlike previous studies, a general estimation framework that incorporates both the restrictions on structural parameters and the variance-covariance terms is...

An econometrically estimated model is used to project the impact of the 1985 dairy program on the dairy industry and government costs. Projections indicate that a whole-herd buyout program could be an effective way of reducing the excess supply of milk while maintaining dairy income and reducing...