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Multi-Frequency Cobweb Model: Decomposition of the Hog Cycle.
- Source :
- American Journal of Agricultural Economics; Feb74, Vol. 56 Issue 1, p38, 12p
- Publication Year :
- 1974
-
Abstract
- The Cobweb Theorem and the harmonic motion models are extended and integrated to form a multi-frequency cobweb model explaining the U. S. hog production cycle. The cycle is estimated by a finite, time-based Fourier Series allowing amplitude and frequency analysis. Six different cycles are discovered operating simultaneously in the attempt to reach a market equilibrium. An independent distributed lag model is estimated, verifying the fundamental hypothesis of the model. The implication is that improved industry performance can be efficiently achieved by control policies to dampen the harmful long period cycles, leaving the short ones unaffected. [ABSTRACT FROM AUTHOR]
- Subjects :
- PRODUCTION (Economic theory)
SWINE
HARMONIC motion
FOURIER series
ECONOMICS
Subjects
Details
- Language :
- English
- ISSN :
- 00029092
- Volume :
- 56
- Issue :
- 1
- Database :
- Complementary Index
- Journal :
- American Journal of Agricultural Economics
- Publication Type :
- Academic Journal
- Accession number :
- 4596054
- Full Text :
- https://doi.org/10.2307/1239345