Author:
Babula Ronald A.,Bessler David A.,Payne Warren S.
Abstract
Using advanced methods of directed acyclic graphs with Bernanke structural vector autoregression models, this article extends recent econometric research on quarterly U.S. markets for wheat and wheat-based value-added products downstream. Analyses of impulse response simulations and forecast error variance decompositions provide updated estimates of market elasticity parameters that drive these markets, and updated policy-relevant information on how these quarterly markets run and dynamically interact. Results suggest that movements in wheat and downstream wheat-based markets strongly influence each other, although most of these effects occur at the longer-run horizons beyond a single crop cycle.
Publisher
Cambridge University Press (CUP)
Subject
Economics and Econometrics,Agricultural and Biological Sciences (miscellaneous)
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