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A dynamic analysis of the effects of a price support program on price dynamics and price volatility



A dynamic analysis of the effects of a price support program on price dynamics and price volatility



Journal of Agricultural and Resource Economics 27(2): 495-514



This study presents an econometric analysis of the effects of a government price support programme on price dynamics and price volatility. Price support programmes, a common feature of agricultural policy, provide a lower-bound censoring of the distribution of market prices. An econometric model of market prices is developed using a dynamic Tobit specification under time-varying volatility. The model is applied to the US nonfat dry milk market for the period January 1970-July 2000.

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Accession: 003620515

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DOI: 10.2307/40987849


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