The Inefficiency of Interest‐Rate Subsidies in Commodity Price Stabilization
通过随机动态规划模型证明，利率补贴虽能增加库存，但稳定价格的效果不如直接存储补贴，甚至可能加剧价格波动，对研究农产品市场政策的学者有参考价值。
Abstract Interest‐rate subsidies have been used to stimulate commodity stockholding, with the intention of stabilizing prices. However, reductions in price variability can be achieved at less government cost using a direct storage subsidy, and it is possible that an interest‐rate subsidy will increase price variability even though the interest subsidy increases mean stocks held. These results are demonstrated using a stochastic dynamic programming model of optimal private storage, with parameter values relevant to agricultural commodity markets, and with particular reference to the U.S. soybean market.