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| Registros recuperados: 130 | |
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| Caballero, Ricardo J.; Engel, Eduardo M.R.A.. |
| In most instances, the dynamic response of monetary and other policies to shocks is infrequent and lumpy. The same holds for the microeconomic response of some of the most important economic variables, such as investment, labor demand, and prices. We show that the standard practice of estimating the speed of adjustment of such variables with partial-adjustment ARMA procedures substantially overestimates this speed. For example, for the target federal funds rate, we find that the actual response to shocks is less than half as fast as the estimated response. For investment, labor demand and prices, the speed of adjustment inferred from aggregates of a small number of agents is likely to be close to instantaneous. While aggregating across microeconomic units... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Speed of adjustment; Discrete adjustment; Lumpy adjustment; Aggregation; Calvo model; ARMA process; Partial adjustment; Expected response time; Monetary policy; Investment; Labor demand; Sticky prices; Idiosyncratic shocks; Impulse response function; Wold representation; Time-to-build; Financial Economics; C22; C43; D2; E2; E5. |
| Ano: 2003 |
URL: http://purl.umn.edu/28419 |
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| Wolf, Christopher A.; Hadrich, Joleen C.; Vandehaar, M.J.. |
| Accelerated prepubertal growth rates can lower heifer raising costs but may put heifers at risk for impaired mammary development and have been found to be detrimental decreased to milk production in the first lactation. The tradeoff between heifer raising costs and milk production loss is examined in a capital budgeting model. Monthly annuity net present value of a heifer investment through the first lactation is assessed for heifers calving at 20, 22, 24, 26 and 28 months of age. A 24 mo AFC base case strategy with 9009.5 kg subsequent first lactation milk yields $7.34 in returns per month. Accelerated growth resulted in higher returns ($12.77/mo for 20 mo AFC; $9.86/mo for 22 mo AFC) when milk production is not affected as total raising costs decline... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Heifer growth; Economics; Investment; Livestock Production/Industries. |
| Ano: 2006 |
URL: http://purl.umn.edu/7429 |
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| Knight, Brad; Malcolm, Bill. |
| This study used information about a farm in the Victorian Mallee during the period 1998 – 2005 to analyse the profitability of investing in Precision Agriculture and Site-Specific Crop Management technology and farming systems. Two equipment guidance systems were evaluated. Both guidance systems earned more than 8 percent real return p.a. on the extra capital invested. A Real-Time Kinetic (RTK) guidance system with a precision of 2 cm and a capital cost of $50,000 was less profitable than a Sub-Metre guidance system with 20 cm accuracy and costing $20,000. Producers investing in RTK guidance technology would be well-paid to also adopt supporting management practices that enhance crop gross margins or provide other benefits. The capital cost of GPS... |
| Tipo: Article |
Palavras-chave: Precision Agriculture; GPS technology; Investment; Farm Management. |
| Ano: 2009 |
URL: http://purl.umn.edu/121470 |
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| Feinerman, Eli; Peerlings, Jack H.M.. |
| Uncertainty about the possibility of acquiring land can be rather large in the EU for sectors like dairy farming. Farm-level investment decisions are commonly made ex-ante when the farmer is not certain about the possibility of purchasing land. This possibility is realized only in a future period. In this paper, we have developed and applied a simple two-period model in which a profit-maximizing farmer, facing uncertainty about the possibility of acquiring land, had to choose the optimal mix of capital (buildings) investment and land endowment. We have shown that commonly "observed" biases towards non-optimal investment decisions are not necessarily justified. Rather, these perceived biases may be the result of evaluating investment decisions without... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Investment; Land; Uncertainty; Land Economics/Use. |
| Ano: 2002 |
URL: http://purl.umn.edu/24949 |
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| Tauer, Loren W.. |
| The Dixit entry/exit real option model was applied to the entry/exit decisions of New York dairy farmers. For the cost structure of a 500-cow farm, the entry milk price is $17.52 per hundredweight (cwt) and the exit milk price is $10.84. For the 50-cow farm cost structure, the entry price is higher at $23.71 per cwt, and the exit price is also higher at $13.48. If infinite numbers of representative farms enter and exit at these prices, the price of milk should range between $13.48 and $17.52 per cwt. |
| Tipo: Journal Article |
Palavras-chave: Dairy farming; Entry-exit; Investment; Real options; Farm Management. |
| Ano: 2006 |
URL: http://purl.umn.edu/10219 |
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| Panunzi, Fausto; Ellul, Andrew; Pagano, Marco. |
| Entrepreneurs may be constrained by the law to bequeath a minimal stake to non-controlling heirs. The size of this stake can reduce investment in family firms, by reducing the future income they can pledge to external financiers. Using a purpose-built indicator of the permissiveness of inheritance law and data for 10,245 firms from 32 countries over the 1990-2006 interval, we find that stricter inheritance law is associated with lower investment in family firms, while it leaves investment unaffected in non-family firms. Moreover, as predicted by the model, inheritance law affects investment only in family firms that experience a succession. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Succession; Family Firms; Inheritance Law; Growth; Investment; Financial Economics; G32. |
| Ano: 2009 |
URL: http://purl.umn.edu/50330 |
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| Hoveid, Oyvind; Raknerud, A.. |
| Feedbacks between on-farm and off-farm activities are analyzed with a state-space model over a panel of farm household accounts. We discover significant positive effects of farm capital both on farm income and on wage labor income. The latter effect is interpreted as wage labor partly paying the debt incurred by investments in farm capital. Significant positive effects on farm capital from wealth - indicating credit rationing or an immediate willingness to pay for farm investments - are also discovered. The wealth effect on farm income is also significantly positive. By and large - at least for the household for which the results are estimated, and for the model applied - Fishers separation theorem is rejected. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Farm households; Finance; Investment; Agricultural and Food Policy; Consumer/Household Economics. |
| Ano: 2008 |
URL: http://purl.umn.edu/44461 |
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| Registros recuperados: 130 | |
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