Estimation of Dynamic Nonlinear Rational Expectations Models for Primary Commodity Markets with Private and Government Stockholding

Mario Miranda () and Joseph W. Glauber

No 271242, 1991 Annual Meeting, August 4-7, Manhattan, Kansas from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: Stochastic-dynamic programming and disequilibrium econometric methods are combined to obtain maximum likelihood estimates of a dynamic nonlinear rational expectations model of a market for a storable primary commodity. The structural model captures the essential processes governing the dynamics of primary commodity markets including: the nontrivial role of private stockholding, the disequilibrium effects of government intervention, and the impact of expectations and risk on private supply and stockholding decisions.

Keywords: Agricultural and Food Policy; Political Economy (search for similar items in EconPapers)
Pages: 31
Date: 1991-08-04
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea91:271242

DOI: 10.22004/ag.econ.271242

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