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Registros recuperados: 20 | |
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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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Lema, Daniel. |
This paper presents an analysis of agricultural contracts using a transaction costs approach. We contend that in a context of modern agriculture, with well defined property rights, agricultural contracts must balance costs and benefits, aligning tenant and landlord incentives towards a similar objective. The study debates the potential effects of tenancy status and duration of contracts, over soil conservation and input use. We present empirical evidence about the effects over the soil and input use in tenant (fixed rent or sharecropping) and owner-operator farms using farm level data from the 2002 National Agricultural Census of Argentina. The empirical results show some differential effects but do not support a general and clear negative effect for... |
Tipo: Conference Paper or Presentation |
Palavras-chave: Contracts; Agriculture; Transaction Costs; Sharecropping; Property Rights; Land Tenancy; Production Economics; D2; Q15. |
Ano: 2006 |
URL: http://purl.umn.edu/25420 |
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Okoruwa, Victor O.; Ogundele, O.O.; Oyewusi, B.O.. |
This study contributes to the agricultural productivity literature in developing countries and Nigeria especially by quantifying the level of efficiency for sample of rice farmers from North Central Zone of Nigeria. A stochastic efficiency decomposition frontier analysis was used to derive technical efficiency measures separately for rice under two production systems (upland and lowland systems). Average economic efficiency of 51.9 % and 55.4 % found for up land and lowland rice farmers respectively suggests that there is room for productivity gain for farms in the sample through better use of available resources given the state of technology. Gains in productivity growth have become increasingly important to Nigerians as demand for rice continue to... |
Tipo: Conference Paper or Presentation |
Palavras-chave: Crop Production/Industries; Productivity Analysis; D2. |
Ano: 2006 |
URL: http://purl.umn.edu/25248 |
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Alghalith, Moawia. |
This paper extends the existing estimation methods to allow estimation under simultaneous price and output uncertainty. In contrast with the previous literature, our approach is applicable to the direct and indirect utility functions and does not require specification and estimation of the production function. We derive estimating equations for the two most common forms of output risk (additive and multiplicative risks) and empirically determine which form is appropriate. Moreover, our estimation method can be utilized by future empirical studies in several ways. First, our method can be extended to include multiple sources of uncertainty. Second, it is applicable to other specifications of output uncertainty. Third, it can be used to conduct hypothesis... |
Tipo: Journal Article |
Palavras-chave: Estimating equations; Output uncertainty; Price uncertainty; Utility; D8; D2. |
Ano: 2005 |
URL: http://purl.umn.edu/37108 |
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Lu, Wencong C.; Xi, Aiqin; Ye, Jian. |
This paper analyzed Chinese small-scale farmer's response to agricultural risks by using MOTAD model. Based on the household's data from the two villages Wangjia and Damao in Zhejiang province, we established "representative rural household" for each of the sampling villages. The results show that farmers in Zhejiang are quite sensitive to agricultural risks. However, different farming systems, the ratio of agricultural income to total family income, as well as the size of arable land, differentiates their risk response. The decision maker's risk preference not only affects the type of agricultural activities and corresponding scales they selected, but also have further effects on the micro agricultural production structure and stable growth of household's... |
Tipo: Conference Paper or Presentation |
Palavras-chave: Farming household; Agricultural risks; Risk response; MOTAD Model; Farm Management; Risk and Uncertainty; D1; C6; D2. |
Ano: 2006 |
URL: http://purl.umn.edu/25656 |
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Wang, Xuecai; Dorfman, Jeffrey H.; McKissick, John C.; Turner, Steven C.. |
In many parts of the U.S., beef cattle production is a large sector of the agricultural economy, yet few of the cattle are stockered; instead the production is focused on cow-calf operations only. Restricting their operation to only the first phase of beef production may be limiting the cattle owners' profit potential. This paper examines the opportunities for operators to earn additional profit from stockering cattle. Using a representative risk-averse producer, a decision set with seven possible marketing strategies is elevated for the optimal decision in a Bayesian framework which allows for price and production risk. We find that in many instances retaining the cattle for stockering is a superior decision when done in conjunction with specific... |
Tipo: Journal Article |
Palavras-chave: Cattle; Decision science; Estimation risk; Marketing; Livestock Production/Industries; C6; D2; Q1. |
Ano: 2001 |
URL: http://purl.umn.edu/15442 |
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Registros recuperados: 20 | |
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