The Effects of Commodity Price Stabilization Programs

Mario J. Miranda · Peter Helmberger

138 citations0/0 files storedAmerican Economic Review

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Economics of Agriculture and Food Markets Agricultural economics and policies Agricultural Economics and Policy

Abstract

In this paper, the authors analyze the effects of commodity programs in which the government attempts to support and stabilize price through open market purchases and sales. Specifically, they as sess the effects of such programs on the U.S. soybean market using a rational-expectations model that allows for private storage, expected -price-responsive production, and arbitrary support and release price s. A salient feature of the model is that private storage and product ion behavior adjusts to changes in government policy. Stochastic simu lations of the market model demonstrate that price stabilization prog rams can reduce long-run market price and destabilize producer revenu e. Copyright 1988 by American Economic Association.

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References

1976Econometric policy evaluation: A critique 1961The Desirability of Price Instability Under Perfect Competition 1981The theory of commodity price stabilization 1983SOLUTION AND MAXIMUM LIKELIHOOD ESTIMATION OF DYNAMIC NONLINEAR RATIONAL EXPECTATIONS MODELS 1944Does the Consumer Benefit from Price Instability?1969Price Stabilization and Welfare 1982The Economic Role of Commodity Storage 1983The Vulnerability of Price Stabilization Schemes to Speculative Attack

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