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On the Dynamic Relationship between U.S. Farm Income and Macroeconomic Variables

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Author Info
Baek, Jungho
Koo, Won W.
Abstract

This study examines the short- and long-run effects of changes in macroeconomic variables—agricultural commodity prices, interest rates and exchange rates—on the U.S. farm income. For this purpose, we adopt an autoregressive distributed lag (ARDL) approach to cointegration with quarterly data for 1989–2008. Results show that the exchange rate plays a crucial role in determining the long-run behavior of U.S. farm income, but has little effect in the short-run. We also find that the commodity price and interest rate have been significant determinants of U.S. farm income in both the short- and long-run over the past two decades.

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File URL: http://purl.umn.edu/53097
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Publisher Info
Article provided by Southern Agricultural Economics Association in its journal Journal of Agricultural and Applied Economics.

Volume (Year): 41 (2009)
Issue (Month): 02 (August)
Pages:
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Handle: RePEc:ags:joaaec:53097

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Related research
Keywords: autoregressive distributed lag model; commodity price; exchange rate; farm income; interest rate; long-run; short-run; Agribusiness; Consumer/Household Economics; Farm Management; Financial Economics; C22; E23; Q11;

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This page was last updated on 2009-12-26.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.