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Adjustment is Much Slower than You Think AgEcon
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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Testing the Impact of Corporate Farming Restrictions on the Nebraska Hog Industry AgEcon
Matthey, Holger; Royer, Jeffrey S..
This paper evaluates the implications of corporate restrictions on production agriculture using the case of the Nebraska hog industry. Corporate farming restrictions prohibit the acquisition or operation of agricultural land by nonfamily farm or ranch corporations. A partial adjustment model with a variable coefficient of adjustment is used to study the policy change. The results of the study support the hypothesis that the corporate farming restrictions in Nebraska have reduced the Nebraska hog industry's ability to adjust its inventory to target levels. A significant shift in inventory adjustment behavior is shown to coincide with the enactment of the corporate restrictions.
Tipo: Working or Discussion Paper Palavras-chave: Corporate restrictions; Hog industry; Partial adjustment; Nebraska; Livestock Production/Industries.
Ano: 2001 URL: http://purl.umn.edu/18518
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An Assessment of Dynamic Behavior in the U.S. Catfish Market: An Application of the Generalized Dynamic Rotterdam Model AgEcon
Muhammad, Andrew; Jones, Keithly G..
The generalized dynamic Rotterdam model was used in estimating U.S. demand for disaggregated catfish. The overall goal was to examine habit persistence in consumption and to determine the adjustment process in demand. Results indicated that it took up to 1 month for catfish-product demand to fully adjust to changes in expenditures and prices. Additionally, habit persistence played a role in demand where present consumption of a given product was positively affected by past consumption of that product. Consequently, U.S. catfish demand was significantly more elastic in the long-run.
Tipo: Journal Article Palavras-chave: Catfish; Demand; Dynamics; Partial adjustment; Rotterdam model; Agribusiness; Consumer/Household Economics; Demand and Price Analysis; Food Consumption/Nutrition/Food Safety; Institutional and Behavioral Economics; C51; Q11; Q13; Q17.
Ano: 2009 URL: http://purl.umn.edu/56660
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AN ASSESSMENT OF DYNAMIC BEHAVIOR IN THE U.S. CATFISH MARKET: AN APPLICATION OF THE GENERALIZED DYNAMIC ROTTERDAM MODEL AgEcon
Muhammad, Andrew; Jones, Keithly G..
Dynamic demand systems have been employed in a number of studies to account for habit formation and inventory adjustments in demand. Few studies have attempted to provide a theoretical foundation for the dynamic demand structures employed. Recently, Bushehri (2003) showed how a generalized dynamic Rotterdam model could be derived from the neoclassical intertemporal utility maximization problem; however, no empirical application is provided in his study. This paper provides an empirical application of the generalized dynamic Rotterdam model to the demand for processed catfish products in the U.S. The two-period dynamic Rotterdam model explained a significant amount of the variation in U.S. catfish demand and was preferred to the one-period and static...
Tipo: Conference Paper or Presentation Palavras-chave: Dynamic; Rotterdam model; Catfish; Demand; Partial adjustment; Demand and Price Analysis; Research Methods/ Statistical Methods; Q11; Q13.
Ano: 2009 URL: http://purl.umn.edu/45912
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