Expectations, The Lucas Critique and Agricultural Policy: An Econometric Application to the U.S. Dairy Economy
Creators:Thraen, Cameron S.
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Publisher:Ohio State University. Department of Agricultural, Environmental, and Development Economics
Series/Report no.:Ohio State University. Department of Agricultural Economics and Rural Sociology. ESO (Economics and Sociology Occasional Paper). No. 1449
The Lucas critique is developed in a conceptual and econometric application of a rational or 'model consistent I expectations paradigm for modeling producers' economic behavior in a simple macro-economic model of the United States dairy economy. It is demonstrated that the parameters of the estimated behavioral equations are functions of the specific dairy price-support rule in effect.
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