An Examination of U.S. Wheat Policy Since 1977 with Emphasis on the Farmer-Owned Reserve

摘要

In 1977, emphasis of the U.S. grains policy shifted away from price supports and supply control, toward farmer-owned grain reserves as the primary instrument of grains policy. Was the policy change an improvement. What difference does it make if grain reserves are farmer-owned or Government-owned. Should changes be made in the farmer-owned reserve. These three questions are addressed in this study. Alternative grains policies are examined under simulated wheat market conditions for the seven marketing years 1977/78 to 1983/84. The alternatives include the post-1977 wheat policy, the wheat policy just prior to 1977, and the post-1977 wheat policy with various changes in the farmer-owned reserve. The performance of the policy aternatives over the simulated market conditions are compared relative to how they measure up to a set of conflicting policy objectives.