A Dynamic Adjustment Model for U.S. Agriculture: 1948‐79
在调整成本框架下构建多产出模型，分析二战后美国农业的动态调整结构，发现耐用品、农场自产耐用品和家庭劳动力调整刚性显著，但房地产作为可变投入的假设未被拒绝。
Abstract A multioutput model is developed within the adjustment cost framework to analyze the structure of dynamic adjustments in U.S. agriculture during the post‐war period. An important feature of this model is that the econometric model is consistent with dynamic economic theory. Fluctuations in capital stocks, variable inputs, and outputs are explained by changing opportunity costs. Empirical results indicated that durable equipment, farm‐produced durables, and family labor exhibited significant rigidity in adjustment as a response to exogenous shocks. Surprisingly, the hypothesis that real estate was a variable input could not be rejected. The univariate flexible accelerator hypothesis, which is widely maintained in most agricultural adjustment studies, is inconsistent with the data.