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Varying-parameter supply functions and the sources of economic distress in American agriculture, 1866-1914

Author: Thomas F Cooley; Stephen J DeCanio; National Bureau of Economic Research.
Publisher: New York, N.Y. : Computer Research Center for Economics and Management Science, National Bureau of Economic Research, 1974.
Series: Working paper series (National Bureau of Economic Research), working paper no. 57.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
"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  Read more...
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Genre/Form: History
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Thomas F Cooley; Stephen J DeCanio; National Bureau of Economic Research.
OCLC Number: 60398671
Notes: "September 1974."
Title from PDF file as viewed on 4/30/2005.
Description: 1 online resource (66 pages).
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 57.
Responsibility: Thomas F. Cooley, Stephen J. DeCanio.

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"--NBER website.

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