July 17, 2012
When Do Farm Booms Become Bubbles?
Is This Farm Boom Different?
A Symposium Sponsored by the Federal Reserve Bank of Kansas City
July 16-17, 2012
Session 1: When Do Farm Booms Become Bubbles?
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Rapid increases in agricultural incomes and asset values have brought back memories of previous booms and busts. Henderson, Gloy, and Boehlje (2011) chronicled previous agricultural booms and busts noting that they have often corresponded to rapid expansions and contractions of agricultural exports.
I want to talk today very briefly or concisely about “when do farm booms become bubbles?” We’ll start by reinforcing the idea we just heard that agriculture’s history has some remarkable periods of booms and busts in it. Part of that can be explained by the heavy capital intensity of the agricultural economy.
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