The Economic Impact of the Demand for Ethanol
Ethanol production is the third-largest user of corn, behind only feed & export uses. Ethanol production uses approximately 7% of the nation's corn crop which increases farm income & generates economic activity nationwide. This report is the first comprehensive analysis of the macroeconomic impacts of ethanol production. The conclusions in this report verify the cost-effectiveness of the federal ethanol program. In short, the partial excise tax exemption provided for ethanol blends is a non-inflationary incentive that creates jobs, stimulates tremendous economic activity, & reduces our trade imbalance.
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assumed average value added billion rise Corn oil corn prices corn production corporate income taxes deficit demand for corn demand for ethanol directly from higher due to ethanol due to higher econometric economic impact equation estimate ethanol demand ethanol production ethanol subsidy F-statistic farm equipment farm income due farm investment farm machinery figure gasoline and oxygenates higher farm income increase in employment increase in farm increase in jobs Increase in tax Iowa Jim Edgar jobs due jobs from higher macroeconomic major corn-growing Midwestern Governors MN IN OH MTBE multiplier effects number of additional OH WI SD operation of ethanol Past Chair Personal Income Taxes price of corn prices and production purchases of farm R-squared Rate Taxes result rise in farm sales tax Schwarz criterion simultaneous equation model soybean acreage soybean prices Table tax rate tax receipts Taxes Farm total corn crop total employment total increase wages and salaries WI SD MO
Page 10 - Mean dependent var SD dependent var Akaike info criterion Schwarz criterion F-statistic Prob(F-statistic) Prob. 0.0000
Page 10 - R-squared Adjusted R-squared SE of regression Sum squared resid Log likelihood Durbin-Watson stat Coefficient
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Page 26 - Regional Multipliers: A User Handbook for the Regional Input-Output Modeling System (RIMS II).