| 초록 |
This paper analyzes the dynamic effects of structural disturbances on the fluctuation of farm household income. Two structural shocks, permanent and transitory farm household labor income shocks, are assumed in the model in which farm household consumption is governed by the permanent income hypothesis (PIH). The PIH model is used to derive a structural vector autoregressive representation of farm household income and farm asset investment, which is used to identity structural shocks and to study the dynamic effects of the two components of farm household labor income on farm household income. The empirical evidence shows that even though transitory shocks have permanent effects on farm household income, permanent shocks dominate the movement of farm household income.
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