QUARTERLY ECONOMETRIC-MODEL OF UNITED-STATES LIVESTOCK AND FEED GRAIN MARKETS AND SOME OF ITS POLICY IMPLICATIONS

This paper discusses the structural equations, forecasting properties, dynamic characteristics, and economic policy implications of a quarterly econometric model of V.S. livestock and feedgrain markets. Quarterly, semi-annual, and annual endogenous variables are incorporated by allowing individual structural equations to be estimated and to enter into the solution of the model with different periodicities. Commodity prices are determined by market equilibrium conditions rather than by autoregressive and other time-series techniques. Dynamic multipliers give the effect of changes in corn exports, beef imports, government grain stocks, com yield, consumer income, and the support price for com on producer and retail prices and acreage planted. © 1978 by the American Agricultural Economics Association.