PRICE SUPPORTS VERSUS AN EQUILIBRIUM EXCHANGE RATE: A COMPARISON OF INCOME DISTRIBUTION CONSEQUENCES

Mauro Lopes and G. Edward Schuh

No 283852, 1976 Annual Meeting, August 15-18, State College, Pennsylvania from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: U.S. domestic farm Prices were set above market clearing levels during much of the 1950's and 1960's. Initially, market prices were sustained by the government acquiring the difference between the quantity supplied and the quantity demanded at the prevailing prices and adding it to public stocks - stocks which provided a relatively high degree of stability to U.S. and world markets in this period. Later (starting in 1956), supply was brought into balance with demand at the prevailing price ratios by removing land from production. Stocks in government hands, which reached a peak of $6.4 billion in 1959, were worked down to slightly over $1 billion in 1967 and 1968, and again in 1971.

Keywords: Marketing (search for similar items in EconPapers)
Pages: 13
Date: 1976-08
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea76:283852

DOI: 10.22004/ag.econ.283852

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