Cattle Cycles, Expectations, and the Age Distribution of Capital
نویسندگان
چکیده
This paper builds a dynamic forward-looking model describing the approximate ten-year cattle cycle. The theoretical model improves on existing models by (1) allowing cow-calf operators to make investment decisions on both the cow and calf margins, (2) formally recognizing the age distribution of the capital stock, and (3) considering a mixed scheme of rational and naive expectations. The model.is then calibrated and used to simulate artificial data that endogenously generates ten-year cycles in the total stock of cattle. JEL Codes: C61, Q11, Q12
منابع مشابه
Cattle Cycles, Heterogeneous Expectations and the Age Distribution of Capital
This paper builds a dynamic forward-looking model describing the approximate ten-year cattle cycle. The theoretical model improves on existing models by (1) keeping track of the age distribution of the capital stock, (2) allowing for heterogeneous expectations, and (3) recognizing that cow-calf operators make investment decisions on both the cow and calf margins. The structural parameters are e...
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