TY  - JOUR
AU  - Goldberg, Pinelopi K
AU  - Knetter, Michael M
TI  - Causes and Consequences of the Export Enhancement Program for Wheat
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 5359
PY  - 1995
Y2  - November 1995
DO  - 10.3386/w5359
UR  - http://www.nber.org/papers/w5359
L1  - http://www.nber.org/papers/w5359.pdf
N1  - Author contact info:
Pinelopi K. Goldberg
Yale University
Department  of Economics
37 Hillhouse Ave.
P.O. Box 208264
New Haven, CT 06520-8264
E-Mail: penny.goldberg@yale.edu

Michael M. Knetter
President and CEO
University of Wisconsin Foundation
1848 University Avenue
Madison, WI  53726
Tel: 608/262-1758
Fax: NA
E-Mail: mike.knetter@supportuw.org
M1  - published as Pinelopi Koujianou Goldberg, Michael M. Knetter. "Causes and Consequences of the Export Enhancement Program for Wheat," in Robert C. Feenstra, editor, "The Effects of U.S. Trade Protection and Promotion Policies" University of Chicago Press (1997)

AB  - This paper uses regression analysis to study the causes and impacts of the Export Enhancement Program for wheat.  We find that the overwhelming causes of the EEP, faltering export markets and swelling government stocks are primarily attributable to the overvaluation of the dollar in the 1980s, not the increase in EC subsidies to wheat farmers in 1985.  We also find that what had been a fairly robust relationship between export shares, exchange rates, and loan rates broke down after 1985, probably due to a variety of changes in farm policy.  In any case, export shares did not rebound in spite of the weaker dollar and the implementation of the EEP in the post-1985 period.
ER  -