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| Reed, Albert J.; Hanson, Kenneth; Elitzak, Howard; Schluter, Gerald E.. |
| USDA's Economic Research Service (ERS) uses different economic models to estimate the impact of higher input prices on consumer food prices. The present study compares three ERS models. In the first two models, neither consumers nor food producers respond to market prices. We refer to these two models as short-run models. In the third model, both consumers and food producers respond to changing prices, and we refer to this model as a long-run model. Given published parameter estimates, we simulate the impact of a higher energy price on consumer food prices, and our empirical findings are consistent with our understanding of market responses. In the short run, we find that the full effect of an increase in the price of energy is fully (or nearly fully)... |
| Tipo: Report |
Palavras-chave: Price-spread model; Input-output model; Variable-proportions model; Food prices; Energy prices; Input prices; Demand and Price Analysis. |
| Ano: 1997 |
URL: http://purl.umn.edu/33574 |
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