Changes in relative prices or terms of trade, i.e., the ratio of farm output to farm input or nonfarm output prices, have significant implications for the farm economy. If the prices farmers receive for their outputs increase (decrease) relative to the prices they pay for their inputs, the...

Commodity modeling is like many other endeavors in science and in life—we continue to strive for completeness and perfection but may never be satisfied with the current level of our accomplishments. This is a productive attitude, because it always generates incentives for continued effort...

Granger Causality tests are run to examine the causal relationships between the trade deficit, another macroeconomic variable, and U.S. prices. The results show that strong causal relationships run from the trade deficit to agricultural prices but not to nonagricultural prices. Results of...

The United States has an extensive assistance program for less developed countries (LDCs), although its contribution is the lowest among the developed market economies in percent of allocated GNP (OECD 1988). On average for 1985/86, about 11.2 percent or $1.05 billion (1985 prices and exchange...

The feed-grains trade model is one of the three models in the world trade modeling system developed, updated, and maintained by the Center for Agricultural and Rural Development (CARD). The other two commodity trade models are for wheat and the soybeans complex. The three world models are...

Endogenizing the exchange rat in trade models over the period of fixed and flexible exchange rate systems poses an econometric problem in the estimation because of the fixity of the exchange rate under the fixed exchange rate system. An econometric technique, the grafted polynomial approach, is...

The FAPRI models were developed to quantify trade and policy interactions among the major importing and exporting regions of the world. They are intended primarily for use in making intermediate-term projections and conducting policy impact analysis. Thus, they are relatively small, partial...

Agricultural trade problems have been receiving increased attention in the United States for the last few years. The reason is obvious. After a decade during which the value of agricultural exports grew from $8 billion annually to a peak of nearly $44 billion in 1981, both quantities and values...

The soybean trade model is one of the three models in the trade modeling system developed, updated, and maintained by the Center for Agricultural and Rural Development (CARD). The other two commodity trade models are for wheat and the feed-grains complex. The three trade models are linked...

In the agricultural economics literature, relatively little attention has been given to the effects of interest rates on the U.S. farm sector. According to macroeconomic theory, monetary policy influences the interest rate. Changes in the interest rate will have an effect on a farmer's decision...