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Newsletter
Agricultural markets and food price inflation - a conference summary
On October 2, 2008, the Federal Reserve Bank of Chicago held a conference that focused on the economic impacts of volatile agricultural prices and food policy, especially their intersection with the macroeconomy through food price inflation.
Newsletter
Agricultural trends and paths toward the future - a conference summary
On December 1, 2009, the Chicago Fed held a conference that examined issues shaping the future of Midwest agriculture, with a focus on public policy implications. This conference gathered experts from academia, industry, and policy institutions to discuss trends and possibilities for agriculture in the region and across the nation.
Newsletter
The binational Great Lakes economy
Newsletter
Farm Income’s Impact on the Midwest Economy
While farm income has long been an important driver of Midwestern economic activity, the influence of the agricultural sector had been waning until the boom in crop prices of 2004?13. More recently, a reversal in crop prices, along with other factors, has led incomes from crop farming to decline. Against this backdrop, the Federal Reserve Bank of Chicago held a conference on November 17, 2014, to examine the role of farm income in the Midwest economy.
Working Paper
Perceived Competition in Agricultural Lending: Stylized Facts and an Agenda for Future Research
This study examines agricultural lending by commercial banks and the competition they face from the Farm Credit System and non-traditional lenders, including merchants, dealers, and other input suppliers. We construct a measure of commercial banks’ perceived competition with FCS or non-traditional lenders using the individual responses to the Federal Reserve Bank of Chicago's Land Values and Credit Conditions Survey between 1999 and 2019. Our analysis shows that the two sources of competition have very different effects on commercial bank lending terms, loan portfolio riskiness, and ...
Newsletter
The intersection of Midwest agriculture and rural development
On November 9, 2010, the Federal Reserve Bank of Chicago held a conference on rural development and the role of midwestern agriculture. Experts from academia, industry and policy institutions, including U.S. Department of Agriculture Deputy Secretary Kathleen A. Merrigan, discussed rural employment generated by agriculture, the impacts of agricultural amenities on rural areas and policy directions for agriculture and rural development.
Newsletter
Farmland values and credit conditions
Although the droughts effects on the Seventh Federal Reserve District lingered, the year-over-year increase in agricultural land values only eased to 13 percent in the third quarter of 2012. In addition, there was a quarterly gain of 5 percent in the value of good farmlandactually much larger than the increase of the previous quarter. According to the 223 responses provided for the October 1 survey, the Districts agricultural land values were expected to continue rising in the fourth quarter of 2012.
Newsletter
Rising farmland values: causes and cautions
On November 15, 2011, the Federal Reserve Bank of Chicago held a conference to explore what has been driving the large and rapid increases in Midwest farmland values. Academics, industry representatives, and regulators presented their views on the factors contributing to these gains, as well as the potential risks posed by them.
Working Paper
The Impact of Supply and Demand Changes on Non-Real-Estate Agricultural Loans
This study examines the degree to which changes in non-real-estate agricultural loans at commercial banks are driven by changes in supply or demand. Our identification strategy exploits information provided by agricultural lending surveys conducted by three Federal Reserve Banks: Chicago, Kansas City, and Minneapolis. Building on recent studies of loan officer opinion surveys, we estimate the changes in agricultural loan supply and demand using an unbalanced panel of 1,028 banks across the 2002-2021 period. The survey responses provide instruments for supply and demand changes to examine ...
Working Paper
The Supply and Demand of Agricultural Loans
Credit plays a critical role in the agricultural sector, but many studies suggest that farmers are credit constrained. We examine the degree to which changes in non-real-estate agricultural loans at commercial banks are driven by changes in supply and demand, using information provided by agricultural lending surveys conducted by the Federal Reserve Banks of Chicago, Kansas City, and Minneapolis. Building on recent studies of loan officer opinion surveys, we estimate the changes in agricultural loan supply and demand using an unbalanced panel of 1,024 banks across 191 quarters ...