The national income accounts have been reorganized to estimate the contribution to the gross national product of the ocean sector and its various subsectors for the year 1972. The new account is the first within the national income accounts to be organized along geographic, rather than productive, sectors. If properly updated and disseminated, this new account will give government and business interests a solid and consistent data base to measure, and choose among, the alternative uses of the oceans.
This paper discusses the structural equations, forecasting properties, dynamic characteristics, and economic policy implications of a quarterly econometric model of V.S. livestock and feedgrain markets. Quarterly, semi-annual, and annual endogenous variables are incorporated by allowing individual structural equations to be estimated and to enter into the solution of the model with different periodicities. Commodity prices are determined by market equilibrium conditions rather than by autoregressive and other time-series techniques. Dynamic multipliers give the effect of changes in corn exports, beef imports, government grain stocks, com yield, consumer income, and the support price for com on producer and retail prices and acreage planted.
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