Varying-Parameter Supply Functions and the Sources of Economic Distress in American Agriculture, 1866-1914 / Thomas F. Cooley, Steven J. DeCanio.

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Cooley, Thomas F

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Material type: Text

TextSeries: Working Paper Series (National Bureau of Economic Research) ; no. w0057.Publication details: Cambridge, Mass. National Bureau of Economic Research 1974.Description: 1 online resource: illustrations (black and white)Online resources:

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Abstract: The agrarian unrest in the United States at the end of the nineteenth century is examined. This unrest is often viewed as stemming from the inability of farmers to adapt to changing conditions in world agriculture. This hypothesis is tested in the context of a distributed lag supply function. Varying parameter estimation methods are used to trace the history of the parameters in the supply function and to decompose observed prices into permanent and transitory components over time. The patterns of variation are tested for conformity with a model of rational price-expectation formation. The conclusion is that farmers behaved as economic theory would predict, but that neither theory nor practice gave them relief from the troubles which plagued them.

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Item type	Home library	Collection	Call number	Status	Date due	Barcode	Item holds
Working Paper	Biblioteca Digital	Colección NBER	nber w0057 (Browse shelf(Opens below))	Not For Loan

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Previous	nber w0054 Bilateral Trade as a Development Instrument Under Global Trade Restrictions /	nber w0055 Social Costs of Monopoly and Regulation /	nber w0056 Comparison of Robust and Varying Parameter Estimates of a Macroeconometric Model /	nber w0057 Varying-Parameter Supply Functions and the Sources of Economic Distress in American Agriculture, 1866-1914 /	nber w0058 A Monte Carlo Study of Two Robust Alternatives of Least Square Regression Estimation /	nber w0059 An Analysis of Firm Demand for Protection Against Crime /	nber w0060 The Variances of Regression Coefficient Estimates Using Aggregate Data /	Next

September 1974.

The agrarian unrest in the United States at the end of the nineteenth century is examined. This unrest is often viewed as stemming from the inability of farmers to adapt to changing conditions in world agriculture. This hypothesis is tested in the context of a distributed lag supply function. Varying parameter estimation methods are used to trace the history of the parameters in the supply function and to decompose observed prices into permanent and transitory components over time. The patterns of variation are tested for conformity with a model of rational price-expectation formation. The conclusion is that farmers behaved as economic theory would predict, but that neither theory nor practice gave them relief from the troubles which plagued them.