THE VALUE OF ENDOGENIZING AGRICULTURE IN A MULTI-SECTOR MACROECONOMIC MODEL

Dean W. Hughes and John B. Penson

No 279275, 1981 Annual Meeting, July 26-29, Clemson, South Carolina from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: Several agricultural economists have suggested that agricultural models could be improved by capturing all of the linkages between agriculture and the rest of the economy. In this study, a new multi—sector macroeconomic model is used to compare the forecasting abilities of first, second, and third generation agricultural simulation models. This study finds that forecasting errors can be reduced and a wider range of questions can be addressed by models that simultaneously solve for the agricultural and nonagricultural sectors of the economy.

Keywords: Research; Methods/Statistical; Methods (search for similar items in EconPapers)
Pages: 29
Date: 1981-07
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea81:279275

DOI: 10.22004/ag.econ.279275

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