The endogenization of government policy instruments in the U.S. wheat sector
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Based on the simultaneity of decisions by government agricultural policymakers and market participants, this thesis presented a theoretical crops model endogenizing government programs, and empirical evidence supporting this procedure. The theoretical crop model contained basic relations for production, usage, inventories, and policy instruments, and included key cross-linkages between each of the relations. These interactions combined with the temporal relationships inherent in governmental response and agricultural production suggested a model which is less stable dynamically than a exogenous-policy model. Using the theoretical model as a basis, the empirical model of the U.S. wheat sector was then estimated using an iterative instrumental variables procedure. Subsequent analysis of the short- and long-run impact multipliers of the empirical model confirmed the destabilizing effect of program endogenization. Overall, this study suggests that government program endogenization may provide insights to policymakers on responses to their actions, providing assistance in reaching economic goals of optimal resource allocation.
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This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 4.0 License.