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Agriculture’s boom-bust cycles: is this time different?
Agriculture in the United States is notorious for its cycles of boom and bust. Golden eras of a booming farm economy often fade quickly as economic and financial market conditions change. Today, U.S. agriculture is in the midst of another farm boom. Henderson, Gloy and Boehlje examine the foundation of the boom-bust cycle and find that U.S. farm incomes are swelling because of record high exports and strong demand for biofuels. Simultaneously, with historically low interest rates, farmland values have reached record highs. Although current conditions mirror the past, farmers have hesitated to take on debt in financing new investments, raising the possibility that this time could be different.
AUTHORS: Gloy, Brent A.; Boehlje, Michael D.; Henderson, Jason