The Korea Rural Economic Institute (KREI, President Kim Changgil) appointed Professor Lee Junsoo at the University of Alabama, the Korea-America Economic Association president, and UC Davis professor Daniel A. Sumner as its overseas advisers on July 5.
 

KREI expects that the two advisers will greatly contribute to the institute’s development through the provision of the latest overseas academic and policy information in related fields, advice on research projects, and field monitoring regarding research.
 

That day, Professors Lee and Sumner had a seminar in KREI’s meeting room separately. Through his presentation, “The Prebisch-Singer Hypothesis and Relative Commodity Prices: Evidence from Recent Methods,” Professor Lee introduced analytic techniques that can be utilized in KREI’s major services including the outlook service, explaining methodologies in time series models. Professor Sumner had a seminar on “Farm Commodity Policy Basics and the Setting for the 2018 Farm Bill Debate: Risk Management.” He explained the overall agricultural policy in the US including its subsidy policy, and proposed the direction for subsidy policy by introducing the Margin Protection Program (MPP), part of policies for raw milk crisis management.